News | Understanding Persistent Deflation in Japan

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2018.6.19
“Japan’s Central Bank Should Face Up to Zero-Price Growth, Ex-Official Says”（Bloomberg, June 19, 2018)
2018.3.29
“No Truce in Bank of Japan's Fight With Government Over Data”（Bloomberg, Mar 29, 2018)
2018.1.29
“Former BOJ Economist on Inflation, Wage Increase Targeting” （Bloomberg, Jan 26, 2018)
2018.1.26
"Japan's Loyalty Cards Provide a Sneak Peek at Company Profits"（Bloomberg, Jan 15, 2018)
2017.4.28
"Japan react Dial D for Deflation as mobile Phones Sink CPI" (Bloomberg 2017.04.28)
2016.12.20
"Tokyo startup looks to tap satellite images of nighttime neon to forecast GDP" (Japan Times, Dec 20, 2016)

"This Startup Uses Night Lights to Forecast GDP" (Bloomberg, Dec 14, 2016)
2016.12.17
"Monetary policy_ Lower inflation expectations cast shadow over BOJ's 2% target" (Nikkei Asian Review　Dec 16, 2015)
2016.11.29
"Japanese deflation stalls in September"（Financial Times, Oct 28, 2016)
2016.10.17
"Japan in Depth Govt criticizes current standards for economic statistics", (The Japan News, Oct 17, 2016)

"Japan revamps GDP numbers over accuracy fears", (The Financial Times, Sep 29, 2016)
2016.9.24
"Global Cheap Money stirs Russian Dissent, Call for Caution" (Bloomberg, Sep 23, 2016)
2016.9.3
"Le Japon incapable de relancer la consommation"（Le Monde, August 30, 2016)

"Pressure mounts on BoJ as CPI declines in July"（The Financial Times, Aug 26, 2016)
2016.8.19
"Japan's economic woes deepen as manufacturers' mood hits three-year low" （Reuters, August 19, 2016）

"Falling supermarket prices add to BOJ's woes"（Nikkei Asian Review, August 19, 2016）
2016.8.17
”BOJ Stimulus Should Focus on Wages Not Bonds, Ex-Official Says” (Bloomberg, August 17,2016)
2016.7.25
”All-Japan core CPI for May will come in at -0.5% in May - Nomura” (FXSTREET, June 29,2016)
2016.6.6
Japan Economics Weekly, "Thoughts on the landscape following the tax hike postponement" （Citigroup Global Markets Inc., June 3, 2016)

"CPI Falls, BOJ Move Hinges on Abe Tax and Fed Rates" (Bloomberg BRIEF, Economics Asia, May 29, 2016)
2016.5.28
”Startup japonesa cria índice de inflação em tempo real” （The Wall Street Journal, May 26, 2016)
2016.5.20
”Japan’s Nowcast Is a Real-Time Challenge to Official Data” （The Wall Street Journal, May 20, 2016)

Monthly Economic Report（Mizuho Research Institute, May 19, 2016)
2016.5.19
”The Price of Inflation” （NHK WORLD News Room Tokyo, 20:00-20:45（6′19″~）, May 18, 2016)
2016.5.9
“Japanese Monetary Policy Monster” （Horseman Capital, April 30, 2016)
2016.4.29
"Bank of Japan stays on hold: Why the disappointment?" （Financial Times, April 28, 2016)

"REACT:Misleading Jobs, Falling Prices Add Case for BOJ Action"(Bloomberg Intelligence, April 28, 2016)
2016.4.27
"Big week for BoJ as surging yen piles on easing pressure" （Financial Times, April 25, 2016)
2016.4.20
”Dismal spring price hikes bode ill for Japan inflation” （Nikkei Asian Review, 2016.4.14)
2016.4.5
"Bank of Japan dealt blow over inflation goal" （Financial Times, April 4, 2016)
2016.2.27
"Uncertainty over negative interest and My Number may spur Japanese to stash more cash at home"
(The Japan Times, Feb 27, 2016)
2016.2.4
Introduction of "Quantitative and Qualitative Monetary Easing with a Negative Interest Rate," Speech at the Kisaragi-kai Meeting in Tokyo（Haruhiko Kuroda, Governor of the Bank of Japan, February 3, 2016)

"Minutes of the Monetary Policy Meeting"（December 17 and 18, 2015 )
2016.1.26
"Japan Wage-Targeting Proponent Says Low Inflation Supports Case"（Bloomberg, January 26, 2016)

「Nikkei CPINow-S index suggests early BoJ easing」（Mizuho Securities Equity Research, January 25, 2016)

「JAPAN ECONOMICS WEEKLY」（CAPITAL ECONOMICS, January 25, 2016)

「BOJ's Kuroda: Japan inflation will steadily head towards 2% target」（Nasdaq, January 14, 2016）
2016.1.19
"Japon Doucement mais sûrement" (BNP PARISBAS, Jan 19, 2016)
2015.12.25
"At the Turning Point," Speech at the Meeting of Councillors of Nippon Keidanren (Japan Business Federation) in Tokyo (Haruhiko Kuroda, Governor of the Bank of Japan, December 24, 2015)
2015.12.7
"Recent Economic and Financial Developments and Monetary Policy in Japan," Speech at a Meeting with Business Leaders in Nara（Takehiro Sato, Member of the Policy Board, Bank of Japan, December 7, 2015)
2015.11.30
"Japan's Economy and Monetary Policy," Speech at a Meeting with Business Leaders in Nagoya （Haruhiko Kuroda, Governor of the Bank of Japan, November 30, 2015)
2015.11.19
"Recession Is No Reason for Japan to Panic", by Editorial Board （Bloomberg, November 19, 2015）
2015.11.6
"Challenges to Achieving the Price Stability Target of 2 Percent", ―Speech at a Meeting Held by the Naigai Josei Chosa Kai (Research Institute of Japan) in Tokyo― （Haruhiko Kuroda, Governor of the Bank of Japan, November 6, 2015)
2015.10.27
"JPY：Japan’s core CPI inflation to remain in negative territory - Nomura"（FXStreet,　October 27, 2015）
2015.10.20
"Japan grocery index challenges gloom" （Financial Times, October 16, 2015）
2015.10.15
”Japanese price index shows inflation surge amid economic gloom” （Financial Times, October 15, 2015）
2015.10.12
"Japan bogged down by cooling China, rising prices"（Nikkei Asian Review October, 11, 2015）

"CEIC News@lert: A New Indicator Measuring Consumer Prices in Japan" （CEIC, February 6, 2015）
2015.10.8
“Japan out of deflation, Kuroda says” （Nikkei Asian Review, October 8, 2015)
2015.10.3
"Japan's consumer price slide skips daily necessities" (Nikkei Asian Review, September 26, 2015）
2015.9.28
"Japan's Economy and Monetary Policy, Speech at a Meeting with Business Leaders in Osaka", （Haruhiko Kuroda, Governor of the Bank of Japan, September 28, 2015)
2015.8.27
"Moving Forward: Japan's Economy under Quantitative and Qualitative Monetary Easing", (Speech at the Japan Society in New York)（Haruhiko Kuroda, Governor of the Bank of Japan, August 26, 2015)
2015.7.27
"Japan's Economy and Monetary Policy -Speech at a Meeting with Business Leaders in Kumamoto-"（Hiroshi Nakaso, Deputy Governor of the Bank of Japan, July 27, 2015)
2015.6.22
"UTokyo Price Index Turns Positive"（Tokyo Financial Report, May 28, 2015)
2015.6.13
"Price of Progress" （NHK WORLD NEWSROOM TOKYO, June 12, 2015, 19:55-28:33)
2015.4.30
Announcement for the seminar "Understanding Price Dynamics in Japan" on May 19 at Nikkei Hall (site in Japanese only).
2015.3.29
"Bank of Japan’s Optimistic Inflation Target Hits Reality at the Supermarket"（Bloomberg, March 29, 2015)
2015.3.19
”Workers in Japan poised to get big pay rises”(Business Times Mar 19, 2015）

「일본, 디플레 벗어나려면 물가보다 ‘임금인상’에 집중을」in Korean (The Hankyoreh, March 17, 2015）

「아베노믹스' 약발 떨어지나..日물가 상승률 하반기 꺾일 듯」in Korean (edaily, August 30, 2014)
2015.3.17
"BOJ Must Shift to Wage Growth Target, Price Professor Says" （Bloomberg, March 17, 2015)

"Japan Inc. Workers Offered Bigger Raises Amid Record Profit" (Bloomberg Mar 17, 2015)
2015.2.11
"Le Japon s’extirpe de la déflation" (BNP PARIBAS, Feb 11, 2015)
2015.2.6
"Japon Sortir de la déflation" (BNP PARISBAS, Feb 06, 2015)
2014.11.21
"Q3 2014 Market Spotlight" （Morningstar Investment Management Asia, November 2014)
2014.11.16
“Why Shinzo Abe could nix tax hike two” （Financial Times, November 16, 2014)
2014.11.3
"Cheaper tomorrow? Bank of Japan battles entrenched 'deflation mindset'"（REUTERS, November 3, 2014）
「英媒：日本民众担心物价上涨 “通缩”心态难改」（中国新闻网　November 3, 2014）
「日本民众对央行力推通胀“不买账”，太习惯通缩？」 (汇通网 FX678.com November 3, 2014）
2014.10.31
“Subdued outlook for Japan shortens odds on BoJ action” （Financial Times, October 27, 2014）
2014.9.10
The Nikkei-UTokyo Daily Price Index is now available on Bloomberg.

"Alternative Index Shows Japan Price Fall" (The Wall Street Journal, September 10, 2014)

”Don’t fight the BOJ! Believe in Kuroda’s resolve!” (Strategy Bulletin Vol.124 Musha Research, September 10, 2014)
2014.9.4
　”Hope not disappointment for policy driven Japanese equities ” (Strategy Bulletin Vol.123 Musha Research, September 4, 2014)
2014.8.29
Article "Japan’s consumption tax increase was a mistake" （Financial Times. August 28, 2014）
2014.8.20
“The UTokyo Daily Price Index and the survey of average hourly wage for recruiting non-regular temporary staff” (KATO WEEKLY REPORT, Totan Research, August 20, 2014)
2014.7.22
"Corporate pricing bearish again on falling demand after post-tax hike" （Goldman Sachs Japan, Global Investment Research, Japan Economic Flash, July 18, 2014)
2014.7.16
"Economic reform is the key to fixing the Japanese constitution" （Financial Times, July 13, 2014）
2014.7.8
The UTokyo Price Project Team, headed by Professor Tsutomu Watanabe, has started to cooperate with Nikkei in the development and the delivery of daily inflation measures.
2014.6.25
“Retail industries were able to pass the tax increase on to their prices, but are hesitant to raise them further” (KATO WEEKLY REPORT, Totan Research, June 25, 2014)
2014.6.5
“Economic indicators for April released last week” (KATO WEEKLY REPORT, Totan Research, June 5, 2014)
2014.5.12
“Additional easing amid full employment?” (KATO WEEKLY REPORT, Totan Research, May 12, 2014)
2014.5.1
“What on earth will push up the current inflation rate of lower-1% to 2%?” (KATO WEEKLY REPORT, Totan Research, May 1, 2014)
2014.4.21
“JGB yield and yield curve scenario for April 21-25” (Japan Economic & Financial Weekly, Mitsubishi UFJ Morgan Stanley, April 21, 2014)
“The UTokyo Daily Price Index” (KATO WEEKLY REPORT, Totan Research, April 21, 2014)
2014.4.18
“April CPI: Price gouging or renewed price competition?” (Fundamentals Navigator, Mitsubishi UFJ Morgan Stanley, April 18, 2014)
2014.4.17
Japan Data previews (The Economy Next Week, NOMURA, April 17, 2014)
2014.4.10
"Hope in Deflation Fight as Japan Prices Rise After Tax Increase"
(THE WALL STREET JOURNAL. JAPAN REALTIME. April 9, 2014）
2014.4.8
"Japanese retailers raise prices following sales tax hike " (TODAY Online. April 7, 2014).
"Japan supermarkets raised prices as sales tax hit-index" (REUTERS US. April 5, 2014).

UTokyo Price index is introduced by J.P.Morgan's Economic Research, Global Data Watch on March 28, 2014.
2014.3.31
A fortnightly outlook for currencies, (Global FX Strategist, National Australia Bank March 31, 2014)
2013.11.1
We have linked an article on the Wall Street Journal titled: "CPI: Noise Pollution at Low Altitudes"
2013.8.16
The UTokyo Daily Price Index is now available in English.
2013.5.24
We have started to release the UTokyo Daily Price Index. (available only in Japanese)
2013.5.20
The beta version of the UTokyo Daily Price Index has been released (available only in Japanese)

2018.7.2
Announcement for The 20th Macroeconomics Conference (Call for Papers) on November 17-18
2018.2.12
Working Paper No.99 uploaded
2018.2.5
Working Paper No.98 uploaded
2017.10.25
Announcement for the program of the 19th Macroeconomics Conference on November 11-12
2017.10.13
Our project has received the highest grade (A+: Research has exceeded the initial objectives and achievements) as the result of the final assessment by the JSPS (Japan Society for the Promotion of Science). Click here for the official assessment results. (in Japanese)
2017.7.14
Working Paper No.97 uploaded
2017.6.26
Working Paper No.96 uploaded
2017.3.31
Working Paper No.92, 93, 94, 95 uploaded
2016.12.5
Working Paper No.91 uploaded
2016.9.20
Working Paper No.90 uploaded
2016.9.6
Working Paper No.89 uploaded
2016.9.5
Working Paper No.88 uploaded
2016.9.2
Working Paper No.87 uploaded
2016.8.25
Working Paper No.86 uploaded
2016.7.31
Working Paper No.85 uploaded
2016.5.3
Working Paper No.84 uploaded
2016.3.31
Working Paper No.81, 82, 83 uploaded
2016.3.3
Working Paper No.80 uploaded
2016.2.23
Working Paper No.79 uploaded
2015.12.20
Working Paper No.78 uploaded
2015.11.21
Working Paper No.76, 77 uploaded
2015.10.23
Our project has received the highest grade (A+: Research has progressed beyond the initial objectives and achievements greater than first expected are anticipated) as the result of the interim assessment by the JSPS (Japan Society for the Promotion of Science). Click here for the official assessment results. (in Japanese)
2015.10.13
Announcement for the 17th Macroeconomics Conference (Program) on November 7-8.
2015.9.30
Working Paper No.75 uploaded
2015.8.19
Working Paper No.74 uploaded
2015.7.24
Working Paper No.73 uploaded
2015.6.26
Working Paper No.72 uploaded
2015.5.9
Working Paper No.71 uploaded
2015.4.30
Announcement for "Japan Project Meeting" on July 30-31 at ADBI.
2015.3.20
Working Paper No.70 uploaded
2015.3.13
Working Paper No.69 uploaded
2015.3.12
Working Paper No.68 uploaded
2015.2.23
Working Paper No.67 uploaded
2015.2.21
Working Paper No.66 uploaded
2015.2.3
Working Paper No.65 uploaded
2015.2.1
Working Paper No.64 uploaded
2015.1.22
Working Paper No.62, No.63 uploaded
2014.12.24
Working Paper No.59, No.60, No.61 uploaded
2014.12.22
Working Paper No.57, No.58 uploaded
2014.12.18
Working Paper No.55, No.56uploaded
2014.12.17
Working Paper No.54 uploaded
2014.12.3
Working Paper No.53 uploaded
2014.11.25
Working Paper No.52 uploaded
2014.11.4
Working Paper No.51 uploaded
2014.11.2
Working Paper No.50 uploaded
2014.10.1
Working Paper No.49 uploaded
2014.9.26
Working Paper No.48 uploaded
2014.9.11
Working Paper No.47 uploaded
2014.9.9
Working Paper No.46 uploaded
2014.9.1
Working Paper No.45 uploaded
2014.8.28
Working Paper No.44 uploaded
2014.8.21
Working Paper No.43 uploaded
2014.7.3
Announcement for the Monetary policy workshop/SWET: Summer Workshop on Economic Theory on August 10.
2014.6.28
Working Paper No.42 uploaded
2014.4.28
Working Paper No.41 uploaded
2014.4.8
Working Paper No.40 uploaded
2014.3.28
Working Paper No.38, No.39 uploaded
2014.2.18
Working Paper No.37 uploaded
2014.1.22
Working Paper No.36 uploaded
2014.1.20
Working Paper No.35 uploaded
2014.1.9
Working Paper No.34 uploaded
2014.1.7
Working Paper No.33 uploaded
2013.12.27
Working Paper No.31, No.32 uploaded
2013.12.26
Working Paper No.29, No.30 uploaded
2013.12.5
Working Paper No.28 uploaded
2013.11.22
Announcement for the program of the 15th Macroeconomics Conference on December 14-15
2013.11.20
Working Paper No.27 uploaded
2013.11.18
Working Paper No.26 uploaded
2013.11.14
Working Paper No.25 uploaded
2013.11.4
Working Paper No.24 uploaded
2013.10.28
Working Paper No.20, No.21, No.22, No.23 uploaded
2013.10.3
Working Paper No.19 uploaded
2013.9.12
Working Paper No.18 uploaded
2013.9.4
Working Paper No.17 uploaded
2013.8.28
Working Paper No.16 uploaded
2013.7.16
Working Paper No.15 uploaded
2013.6.25
Working Paper No.13, No.14 uploaded
2013.6.24
Working Paper No.10, No.11, No.12 uploaded
2013.6.17
Working Paper No.9 uploaded
2013.4.19
Working Paper No.7 uploaded
2013.4.10
Working Paper No.6 uploaded
2013.2.25
Working Paper No.5 uploaded
2013.2.8
Working Paper No.4 uploaded
2013.1.4
Working Paper No.1, No.2, No.3 uploaded
2012.12.25
Opening of the English Website for "Understanding Persistent Deflation in Japan"
2012.11.20
Announcement for The 14th Macroeconomics Conference on December 8-9