What drives Japanese inflation?
What drives Japanese inflation? After decades of deflation, Japan is finally seeing prices rise — driven by a weak yen, wage hikes, and energy costs. Each row traces a chain of real events that pushed inflation higher or lower, month by month.
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MAR 1 – MAR 31, 2026
🇺🇸 military attack
→🌍 oil price rise
blockade
→oil production decline
→🌍 oil price rise
→🇯🇵 currency depreciation
blockade
→oil production decline
→🌍 oil price rise
🕌 war escalation
→🌍 energy price rise
🕌 oil price rise
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FEB 1 – FEB 28, 2026
🇺🇸 hawkish fed chief nomination
→🇯🇵 currency depreciation
🇯🇵 fiscal policy expectation
→🇯🇵 currency depreciation
DEC 1 – DEC 31, 2025
🌍 profit taking
→🇯🇵 currency depreciation
→🇯🇵 import cost rise
🌍 profit taking
→🇯🇵 currency depreciation
🇯🇵 interest rate rise
🇯🇵 currency depreciation
NOV 1 – NOV 30, 2025
🇯🇵 public spending rise
→🇯🇵 currency depreciation
🇯🇵 public spending rise
→🇯🇵 currency depreciation
→🇯🇵 import cost rise
🇯🇵 food cost rise
OCT 1 – OCT 31, 2025
🌍 raw material price rise
🇯🇵 spending expectation rise
→🇯🇵 yen depreciation
SEP 1 – SEP 30, 2025
🌍 rice price rise
🇯🇵 rice price rise
🇯🇵 gas cost rise
🇯🇵 electricity price rise
AUG 1 – AUG 31, 2025
🌍 energy cost rise
🌍 food cost rise
🇯🇵 food cost rise
JUL 1 – JUL 31, 2025
🇯🇵 fuel subsidy
🇯🇵 food cost rise
🇯🇵 wage rise
→🇯🇵 wage rise
🇯🇵 labor shortage
JUN 1 – JUN 30, 2025
🇯🇵 rice price rise
🕌 war escalation
→🌍 oil price rise
MAY 1 – MAY 31, 2025
🇯🇵 food cost rise
APR 1 – APR 30, 2025
🇯🇵 subsidy decline
🇯🇵 food cost rise
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MAR 1 – MAR 31, 2025
🇯🇵 subsidy rise
🇯🇵 wage rise
→🇯🇵 spending rise
🇯🇵 wage rise
FEB 1 – FEB 28, 2025
🇯🇵 wage rise
JAN 1 – JAN 31, 2025
🇯🇵 labor shortage
🇯🇵 inflation rise
→🇯🇵 interest rate rise
DEC 1 – DEC 31, 2024
🇯🇵 subsidy decline
OCT 1 – OCT 31, 2024
🇯🇵 producer cost rise
SEP 1 – SEP 30, 2024
🇯🇵 wage rise
AUG 1 – AUG 31, 2024
🇯🇵 interest rate rise
→🇯🇵 wage rise
🇯🇵 rate hike expectation rise
🇯🇵 currency weakness
JUL 1 – JUL 31, 2024
🇯🇵 monetary policy normalization
→🇯🇵 currency depreciation
→🇯🇵 import cost rise
🇯🇵 yen depreciation
🇯🇵 producer cost rise
JUN 1 – JUN 30, 2024
🇯🇵 energy cost rise
🇯🇵 interest rate steady
→🇯🇵 currency depreciation
MAY 1 – MAY 31, 2024
🇺🇸 lending rate hold
→🇺🇸 inflation persistence
→🇺🇸 rate hike expectation rise
→🇯🇵 currency depreciation
🌍 interest rate differential rise
→🇯🇵 currency depreciation
🇯🇵 interest rate decline
→🇯🇵 currency depreciation
🌍 commodity price rise
🇯🇵 active fiscal policy
🇯🇵 wage-price spiral progress
🇯🇵 energy subsidy end
APR 1 – APR 30, 2024
🇯🇵 subsidy introduction
🌍 order rise
→🇨🇳 manufacturing rise
→🌍 commodity price rise
MAR 1 – MAR 31, 2024
🇯🇵 subsidy decline
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