Japan CPI December 2026
December 17 @ 6:30 pm - 7:30 pm
Japan CPI December 2026
Next Japan CPI: Friday, at 8:30 am JST (6:30 pm ET, 11:30 pm London). Covers November 2026 data.
- Consensus
- Not yet published
- Prior
- Not yet confirmed from the official …
- Actual
- Pending
Full schedule and background: Japan CPI.
Updated
Japan’s national Consumer Price Index (CPI) for November 2026 is released on Friday, December 18, 2026, at 8:30 am Japan Standard Time, which is 6:30 pm ET on December 17 and 11:30 pm in London on the same evening. The data is published by Japan’s Statistics Bureau, part of the Ministry of Internal Affairs and Communications. Full schedule and background: Japan CPI.
What is the Japan CPI?
The Consumer Price Index measures the average change in prices paid by households for a fixed basket of goods and services, from food and energy to housing, transport, healthcare and education. It is Japan’s primary gauge of inflation and the figure the Bank of Japan (BOJ) watches most closely when setting interest rate policy.
The Statistics Bureau publishes three versions of the index each month: the headline CPI, “core CPI” which strips out fresh food because its prices swing sharply with weather and harvests, and “core-core CPI” which also excludes energy. The BOJ’s 2% inflation target is defined against the core measure, so core CPI tends to attract the most attention from traders, economists and journalists.
Markets watch this release because Japan spent decades battling deflation, and any sustained move in core inflation shapes expectations for whether the BOJ will raise, hold or adjust its policy rate. Because Japan is a major exporter and the yen is one of the world’s most traded currencies, the release also moves foreign exchange and bond markets well beyond Tokyo.
When is the November CPI released?
The November 2026 national CPI is scheduled for release on December 18, 2026, at 8:30 am local time, published on the Statistics Bureau of Japan’s website. This date is confirmed rather than estimated, following the bureau’s normal monthly schedule of releasing national CPI data roughly three weeks after the reference month ends. The previous release, covering October 2026 data, is available at Japan CPI November 2026.
What is the consensus forecast?
At the time of writing, a consensus forecast for the November 2026 reading has not yet been published by major polling services such as Reuters or Bloomberg. Economist forecasts typically emerge in the days immediately before the release, once October’s Tokyo CPI figures (an early proxy for the national number) are available. Similarly, the prior reading for October 2026 national CPI has not yet been independently confirmed from the official release at the time this page was prepared; readers should check the Statistics Bureau of Japan release directly for the confirmed October figures once published.
| Measure | Prior (October 2026) | Consensus (November 2026) |
|---|---|---|
| Headline CPI (YoY) | Not yet confirmed | Not yet published |
| Core CPI, ex fresh food (YoY) | Not yet confirmed | Not yet published |
This page will be updated once official figures and a published consensus become available.
What the result could mean
| Scenario | Likely market read | What it means in plain English |
|---|---|---|
| Above consensus | Yen could firm and Japanese government bond yields could rise, as traders price a higher chance of BOJ tightening | Prices are rising faster than expected, which could bring the BOJ closer to raising interest rates |
| In line with consensus | Limited immediate market reaction, since the data confirms the existing policy path | Inflation is behaving roughly as expected, so no sudden change is likely from the BOJ |
| Below consensus | Yen could soften and expectations for BOJ tightening could be pushed further out | Prices are rising more slowly than expected, reducing pressure on the BOJ to raise rates soon |
These are possible market reactions described by analysts, not predictions of how the data will land.
Why does this release matter right now?
The Bank of Japan has spent the past two years cautiously moving away from decades of ultra-loose monetary policy, gradually raising its policy rate from near zero as inflation persisted above its 2% target for an extended period, according to commentary from banks such as ING and Standard Chartered covering earlier 2026 releases. Each CPI print feeds directly into the BOJ’s assessment of whether wage growth and services prices are strong enough to justify further rate increases, or whether cost pressures are fading enough to keep policy on hold.
Energy and food prices have been particularly volatile through 2026, with government subsidy changes and swings in global commodity markets adding noise to the headline number, a pattern flagged repeatedly in Trading Economics’ coverage of Japan’s monthly releases. Because of this, economists tend to focus on the core-core measure, which strips out these swings, to judge the underlying trend in domestic inflation.
What It Means for Your Money
Mortgages and borrowing: for homeowners in Japan, a hotter-than-expected CPI print raises the odds of further BOJ rate rises, which could push up variable mortgage rates over time. Outside Japan, this matters mainly through global bond markets, since Japanese investors are large holders of foreign government debt.
Savings: Japanese savers have seen little return on deposits for years; a sustained rise in the BOJ’s policy rate would be the first step toward meaningfully higher savings rates domestically.
Jobs and wages: persistent inflation above target puts pressure on Japanese employers to keep raising wages, which the BOJ watches as a sign that inflation is becoming self-sustaining rather than temporary.
Currencies: the yen tends to react quickly to CPI surprises. A stronger yen makes imports cheaper for Japanese households but can hurt exporters’ profits, while a weaker yen has the opposite effect and can push up import costs, including for energy and food.
Investments and pensions: Japanese equities and bonds, along with funds that hold them, can move on the data. Investors outside Japan holding global or Asia-focused funds may see some impact, particularly if the yen moves sharply against the dollar or the pound.
Related events
- Previous release: Japan CPI November 2026, covering October 2026 data
- Full Japan CPI schedule and history: Japan CPI
- Bank of Japan policy decisions, which respond directly to these inflation readings
Frequently Asked Questions
What time is the Japan CPI for November 2026 released?
It is released at 8:30 am Japan Standard Time on December 18, 2026, which is 6:30 pm ET the previous evening and 11:30 pm in London.
How do I read the headline versus core CPI figures?
Headline CPI includes all items, core CPI excludes fresh food, and core-core CPI excludes both fresh food and energy; the BOJ’s 2% target refers to the core measure.
How does this release affect Bank of Japan interest rate decisions?
Persistently high core inflation increases the likelihood the BOJ will raise or maintain higher interest rates, while a slowdown reduces pressure for further tightening.
How does this release affect Bank of Japan interest rate decisions?
Persistently high core inflation increases the likelihood the BOJ will raise or maintain higher interest rates, while a slowdown reduces pressure for further tightening.
Where can I find the official release?
The data is published directly by the Statistics Bureau of Japan.
When is the next Japan CPI release after this one?
The following national CPI release, covering December 2026 data, is typically published around three weeks into the following month, in line with the Statistics Bureau’s regular schedule.