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© 2022 AFPJapan inflation at 3.7% in November; highest since 1981
By Kyoko HASEGAWA TOKYO©2024 GPlusMedia Inc.
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© 2022 AFP
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umbrella
The true inflation rate is around 12% to 14%. No one believes these government make belief figures.
fxgai
That’s right, nominal wage growth in Japan is lower, and inflation is “lower” (but almost twice the BOJ’s ostensible target, which is actually price instability even at only 2%), so real wages are poor in Japan too. Comparing headline nominal rates is invalid.
I am quite skeptical that BOJ tweaks will be enough to prevent renewed falls in the value of the yen next year, as the BOJ continues to buy all the JGBs with “printed money”, leading to sustained high inflation.
In the end, that’s actually the plan. The government has a quadrillion yen of debt, no desire to cut spending (rather they keep spending record amounts), no pro-growth policy to boost tax revenues, so clearly they intend to deal with the debt by inflating it away. Under the pretenses of the Orwellian “price stability”. But they need to find a new stooge to do their bidding for them at the BOJ to replace Kuroda.
Cricky
How on earth can they claim such low numbers?
Most analysts expect price rises in Japan to peak around the end of the year or early 2023.
Don’t think so, not even half way up this roller coaster. And when will wage rises peak? Oh they have already.
elephant200
But , did the Japanese salaries raised at the same time?
Tamarama
Where do you get those figures from?
Eastmann
where can I report hoax aka fake news as this article is excellent example of one?
Spitfire
@Eastmann,spot on.
Nemo
So hang on,
We see inflation in the UK, US, Japan and other countries.......
Could that mean that inflation is systemic in nature due to lingering effects of Covid and global supply chains, and not policy decisions?
I think that is exactly what that means!
And does that mean that in addition to US Gas prices falling along with inflation (which is still too high but falling), the central piece of the GQP rationale for governing has be renderd superfelous (as well as any policy prescriptions rendered ineffective)?
Oh dear......
fxgai
Doubtful.
Switzerland appears to have quite low inflation, recently at 2.9%, whereas Eurozone inflation was at 10%.
Switzerland is bang in the middle of the Eurozone, so seemingly policy decisions do have a great deal to do with it.
I am thinking the excessive money printing and government spending in recent years is the primary culprit. Supply constraints in some areas hasn’t helped, but inflation has indeed been a general rise in prices, not isolated to, say, wheat from Ukraine and Russia.
Much of it would be the fault of the US spending, but other western counties did similar excessive spending during the pandemic, so similar results is not a surprise.
But there is Switzerland in the middle of Europe with relatively low inflation.
Meiyouwenti
What the BOJ has been aiming for is a healthy demand-pull inflation, not the cost-push inflation that has all kinds of negative effects. So don’t let armchair economists say Japan is now out of deflation.
Eastmann
who can believe to these fabricated "data"?
just go to nearest supermarket,dont need any science or uni degree to find out that this is full bullxhit...
dan
@Eastman that's right !!
Nemo
Because Switzerland is a major manufacturing economy with global supply chains, lol.
That’s like saying “Hey, look! Saudi has cheap gas!”
Nemo
Inflation is defined as an overall rise in prices. Not the prices in your area. Or the prices for a specific sector of the economy. OVERALL PRICES.
Now we could trust the national statistics agency who’s numbers are public record, or…..
We could trust Mr. single data point who seems not to grasp the fundamentals of macroeconomics.
Mark
""Prices in Japan rose at their fastest pace since 1981 in November, data showed Friday, fueled in part by higher energy costs.""
Well understood for now, but will the prices DROP or go back to where they were prior to these crises ??
The answer and you may have guessed it, NOOOO.
Why? because the greedy, the scammers, and the price gougers wont let it happen unless the government act's in the interest of the people !!?
commanteer
The most obvious cause. Covid, Putin, Ukraine and the rest is just a diversion for the masses - gives them someone to blame except the governments and central banks who are actually responsible for it
fxgai
No Mark, prices generally won’t go back down, because people won’t take a pay cut once they had a pay raise.
If prices went back down, that would be deflation.
CKAI
Uh huh.
random energy costs…of course. Missed the part about rising looting costs… Why the mystery Data?
AFP carrying more "swamp" water for trickle down pinstripes
socrateos
Zoroto:
Where Real Wages Are Falling Most Sharply (due to Inflation)
Wages are rising, but they are not keeping up with inflation. While pay negotiations may have resulted in wage increases in several sectors this year, overall increases will remain below the rise in consumer prices in many countries, as confirmed by data released by the OECD in its macroeconomic report. (Statista)
France: -0.8%
Canada: -1.2%
Japan: -1.5%
USA: -2.2%
GB: -2.7%
Germany: -4.3
(https://www.statista.com/chart/28952/change-in-real-wages/)
TokyoLiving
Very good figure compared to the rest of the world..
Well done Japan !!..
kohakuebisu
We're a family of five and it'll be about that for us. However that's only because our biggest cost, our mortgage, is unaffected. The rent for our SHS daughter's apartment too. Energy, food, and other things we buy (clothes, second hand cars, ski lift tickets, etc.) are all up more, and its just our mortgage being fixed that drags it down to 4%. If your housing cost is zero, inflation will be more like 10% plus.
I wonder if the champagne is out at the BOJ. It's cost push, but they finally got the inflation they wanted.
daikaka
This badly hurts the people working via wages, but majority of japanese families have hundreds of million yens in assets that they are not at all affected, so it is unlikely to have much material effect on Japanese spending habits and thus economy.
Rakuraku
hundreds of million yens in assets
you mean several millions right not hundreds of million right?
kaimycahl
Face it the world is broke the politicians gambled now they are looking to find away to get out of the mess, so who do they turn to bail them out of their losses. The people!! Tax tax tax!