A core reading that excludes both fresh food and fuel prices was up 4% in October, slowing slightly from 4.2% in the prior month. While core CPI inflation broke below 3% for the first time in 13 months in September, a bulk of this decline was driven by government subsidies on fuel and electricity. Weakness in the, stemming from a dovish BOJ, also kept inflation largely elevated in the country by pushing up import costs. Recent data also showed that rising inflation was weighing on the Japanese economy, which shrank much as retail and capital spending slowed. By Coshorts
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