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Prelude to the Best Sommelier of Canada Contest | SaltWireTOKYO - A key measure of Japan's trend inflation accelerated to 2% in September, hitting a record and matching the central bank's target, data showed on Tuesday, heightening the case for dialling back its massive monetary stimulus.
The 2.0% year-on-year increase in the weighted median inflation rate, which is closely watched as an indicator on whether price rises are broadening, compared with a 1.8% gain in August. It marked the fastest pace of rise since comparable data became available in 2001, Bank of Japan data showed. Sources have told Reuters the BOJ is likely to revise up its inflation forecasts and may debate raising a cap on long-term interest rates next week, as rising inflation and U.S. Treasury yields push up Japanese yields.
While the core price gauge has exceeded its target for more than a year, the BOJ has pledged to keep ultra-low interest rates until 2% inflation can be achieved on a sustained manner backed by solid consumption and wage increases.
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