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Core consumer prices in Japan declined 1.3 percent on year in January, the Ministry of Internal Affairs and Communications said on Friday, declining for the 11th straight month and reinforcing deflationary fears.
The result was exactly in line with analyst expectations, and it matched the previous month's reading. Overall inflation also shed an annual 1.3 percent after falling 1.7 percent on year in December. Overall CPI eased 0.2 percent on month.
Earlier this week, the Bank of Japan in its monetary policy board minutes from last month's meeting noted that deflation was likely to continue for some time. This is due in large part to the measures the bank employed to battle last year's recession, including leaving its uncollateralized overnight call rate unchanged at 0.10 percent.
The central bank has been at odds with the government over how best to handle the threat of deflation, although neither side is publically offering any specific strategies - only general warnings.
"The CPI data show deflation is continuing," Finance Minister Naoto Kan said on Friday at a regular press conference. "We need further effort to get out of it."
Among the individual components, fuel prices were down 5.8 percent on year, while furniture was down 5.5 percent, recreation fell 1.9 percent as did food, clothing shed 1.4 percent and medical care was down 1.1 percent.
The February core inflation reading for Tokyo - considered a leading indicator of the nationwide trend - showed a 1.8 percent annual decline. The overall inflation rate also was down 1.8 percent.
Among the individual components, fuel costs plunged 9.2 percent on year, while furniture prices were down 5.9 percent, clothing prices were down 3.5 percent, recreation was down 2.7 percent and housing was down 0.5 percent.
Overall inflation was flat on month in Tokyo.
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