Tokyo consumer prices fell the fastest in more than a decade, while Japan’s jobs market and retail sales remained subdued, data showed on Friday, raising the risks of a return to deflation as the Covid-19 pandemic hammers demand.
The world’s third-biggest economy recovered in the three months to September from its worst post-war contraction, but a third wave of the coronavirus infections threatens the economic revival. The Bank of Japan unveiled a plan last week to examine more effective ways to achieve its elusive 2 per cent inflation target.
The core consumer price index (CPI) for Japan’s capital, including oil products but excluding fresh food, fell 0.9 per cent in December from a year earlier, the steepest drop since September 2010.
That was deeper than economists’ median estimate for a 0.8 per cent fall and deepened from a 0.7 per cent decline in November. The December drop was the fastest downturn since September 2010, when core consumer prices slumped 1.0 per cent.
Nationwide data last week for November also showed the steepest price slump since late 2010.
“There is a chance that the nation will return to deflation due to the coronavirus pandemic,” said Takeshi Minami, chief economist at Norinchukin Research Institute. “Private demand is weak as people, especially older people, stay home to keep from getting infected, making it difficult for prices to rise.”
Japan’s seasonally adjusted unemployment rate fell to 2.9 per cent, better the median forecast of 3.1 per cent, government data showed. In October, the jobless rate stood at 3.1 per cent.
There were 1.06 jobs per applicant in November, up from the previous month’s 1.04, labour ministry data showed, but still near September’s seven-year low 1.03.
The pandemic remained a drag on consumer spending, with a renewed spike in infections raising fresh risks for a weakened economy.
Japanese retail sales rose a moderate 0.7 per cent in November from a year earlier, the second straight gain but slower than October’s 6.4 per cent jump and below the median market forecast for a 1.7 per cent gain.
More from Rashmee Roshan Lall
'Saand Ki Aankh'
Produced by: Reliance Entertainment with Chalk and Cheese Films
Director: Tushar Hiranandani
Cast: Taapsee Pannu, Bhumi Pednekar, Prakash Jha, Vineet Singh
Rating: 3.5/5 stars
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
More from Neighbourhood Watch
More on Quran memorisation:
Evacuations to France hit by controversy
- Over 500 Gazans have been evacuated to France since November 2023
- Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
- The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
- Artists and researchers fall under a programme called Pause that began in 2017
- It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
- Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
- Unlike students, they are allowed to bring their families to France
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
More from Aya Iskandarani
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Wonka
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%C2%A0Paul%20King%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%C2%A0%3C%2Fstrong%3ETimothee%20Chalamet%2C%20Olivia%20Colman%2C%20Hugh%20Grant%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
Killing of Qassem Suleimani
Killing of Qassem Suleimani
Mohammed bin Zayed Majlis
The years Ramadan fell in May
Mohammed bin Zayed Majlis
More from Neighbourhood Watch
Killing of Qassem Suleimani
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
More on Quran memorisation:
