Tokyo’s core inflation continues to accelerate, exceeding the central bank’s target

Core inflation in Tokyo accelerated for the fourth straight month in August, data released on Friday showed. The index exceeded the central bank’s inflation target of 2%, reinforcing market expectations for continued interest rate hikes. Tokyo’s consumer price index (CPI), which excludes volatile fresh food prices, rose 2.4% year-on-year, compared with 2.2% expected and 2.2% in July.