What it measures
The Consumer Price Index measures the change in the prices of goods and services bought by households across Japan. In Japan the measure most often called "core" excludes fresh food, and a narrower measure also leaves out energy.
Who publishes it and when
The Statistics Bureau publishes the national CPI at 08:30 Tokyo time, usually between the 18th and 25th of the month after the one it covers.
How it is put together
Prices are collected across Japan for a basket weighted by household spending. Government measures such as energy subsidies or changes to education and phone charges can move the index sharply.
What traders watch
Traders look at the core measures, services inflation and wage-linked prices, because the Bank of Japan wants to see inflation that is driven by wages rather than by import costs alone.
How markets have usually reacted
Moves are often modest, because the Tokyo CPI for the same month came out about three weeks earlier. A clear surprise has sometimes strengthened or weakened the yen in line with the surprise.
Common mistakes
- Forgetting that the Tokyo figures for the same month are already known.
- Missing one-off effects of government subsidies.
How a higher or lower figure is usually read
Higher inflation is usually read as supportive for the yen, because it points to firmer Bank of Japan policy; lower inflation as negative. Not a signal.
Release history
| Date | Period | Actual | Previous |
|---|---|---|---|
| Sep 2026 | 2.1% | 1.9% |
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Official source
Source: Portal Site of Official Statistics of Japan website. This service uses API functions from e-Stat, however its contents are not guaranteed by government.
Published by Statistics Bureau of Japan, Ministry of Internal Affairs and Communications: www.stat.go.jp