Japan’s Inflation Surges to 3.5%, Reaches Two-Year High

Japan’s core inflation has spiked to 3.5% in April, its highest level in over two years. This surge is attributed to rising food prices and the Bank of Japan’s (BOJ) cautious approach as it considers pausing its rate hike cycle. The nation’s core inflation figures, excluding volatile food and energy costs, exceeded expectations of 3.4%. The increase marks a significant jump from the previous month’s 3.2% level, hitting levels not seen since January 2023.