Japan CPI November 2026
November 19 @ 6:30 pm - 7:30 pm
Japan CPI November 2026
Next Japan CPI: Friday, at 8:30 am JST (6:30 pm ET, 11:30 pm London). Covers October 2026 data.
- Consensus
- Not yet published
- Prior
- Core CPI 1.8% YoY
- Actual
- Pending
Full schedule and background: Japan CPI.
Updated
Japan’s national Consumer Price Index (CPI) for October 2026 is released on Friday, November 20, 2026, at 8:30 am Japan Standard Time, which is 6:30 pm ET on November 19, 2026 and 11:30 pm in London on the same evening. The data comes from the Statistics Bureau of Japan, part of the Ministry of Internal Affairs and Communications, and covers price changes for October 2026. Full schedule and background on this series: Japan CPI.
What is the Japan CPI?
The Consumer Price Index tracks the average change in prices paid by households for a fixed basket of goods and services, including food, housing, transport, healthcare and recreation. It is the main gauge of inflation in Japan and the figure the Bank of Japan (BoJ) watches most closely when setting interest rates.
Japan’s statisticians publish three versions each month: the headline figure (all items), the figure excluding fresh food (often called “core” in Japan, and closely tracked by the BoJ), and the figure excluding both fresh food and energy (sometimes called “core-core”). Because fresh food and energy prices swing sharply from month to month, the ex-fresh-food figure is usually treated as the cleanest read on underlying price pressure.
Markets watch this release because Japan spent decades fighting deflation, and the BoJ’s decision to raise interest rates away from near-zero levels in recent years has been justified by inflation staying near or above its 2% target. A CPI print that surprises in either direction can move the yen, Japanese government bond yields and the Nikkei within minutes of release.
When is the October Japan CPI released?
The Statistics Bureau of Japan publishes the release at 8:30 am JST on November 20, 2026 (6:30 pm ET / 11:30 pm London on November 19). The data is published on the Statistics Bureau of Japan’s CPI page. This report covers October 2026 price data. The previous month’s release, covering September 2026, is tracked at Japan CPI October 2026.
What is the consensus forecast?
A consensus forecast for the October 2026 reading has not yet been published by major polling services at the time of writing. Economists’ estimates typically firm up in the days immediately before release, once the Tokyo CPI figure for the following month (a leading indicator for the national number) has been published.
The most recent confirmed official readings, from the Statistics Bureau of Japan via Trading Economics, show headline inflation running at 1.9% year-on-year and the ex-fresh-food (“core”) figure at 1.8% year-on-year for July 2026, both matching or nearing market expectations at the time.
| Measure | Prior (most recent confirmed print) | Consensus |
|---|---|---|
| Headline CPI (YoY) | 1.9% (July 2026) | Not yet published |
| Core CPI, ex-fresh food (YoY) | 1.8% (July 2026) | Not yet published |
Note: figures for August and September 2026 were not independently verifiable from official sources at the time this page was prepared. Readers should treat the July 2026 figures as the last confirmed data point pending the official September release ahead of this report.
What the result could mean
| Scenario | Likely market read | What it means in plain English |
|---|---|---|
| Above consensus | Yen could strengthen, Japanese government bond yields may rise on expectations of further BoJ tightening | Inflation is running hotter than expected, adding pressure on the BoJ to consider raising rates again |
| In line with consensus | Limited market reaction, existing BoJ policy path stays intact | Prices are behaving broadly as expected, so investors are unlikely to shift bets on the next rate move |
| Below consensus | Yen could weaken, bond yields may ease on reduced tightening expectations | Inflation is cooling faster than forecast, which could make the BoJ more cautious about further rate rises |
These are possible market reactions, not predictions. Actual moves depend on the size of any surprise, the wider global backdrop and what other central banks are doing at the same time.
Why does this release matter right now?
The BoJ has spent the past two years gradually raising its policy rate from near-zero, and in its July 2026 Outlook for Economic Activity and Prices, the Bank said underlying inflation is expected to rise gradually toward a level “generally consistent with the price stability target” between the second half of fiscal 2026 and fiscal 2027. An October CPI reading that runs hotter than this path would strengthen the case for another rate rise; a reading that undershoots would support a more patient BoJ.
Inflation had been running above the BoJ’s 2% target for much of the past two years, driven partly by food prices and the phasing out of government energy subsidies that had previously held down utility bills. Whether October’s data shows that trend persisting, or easing as base effects fade, will shape expectations for the BoJ’s next policy meeting.
What It Means for Your Money
- Mortgages and loans: if the data supports further BoJ rate rises, Japanese mortgage and business borrowing costs could edge higher, a shift from decades of ultra-cheap credit in Japan.
- Savings: higher Japanese rates would mean better returns on yen deposits and savings accounts after years of near-zero interest.
- Jobs and wages: persistent inflation above target keeps pressure on Japanese employers to raise wages, which the BoJ has flagged as a key condition for durable inflation.
- Currencies: a stronger yen, which tends to follow a hot CPI print and rate-rise expectations, makes Japanese exports pricier abroad but imports and overseas holidays cheaper for Japanese households. It also affects anyone holding yen-denominated assets or hedging exposure to the currency.
- Investments and pensions: global investors in Japanese equities and bonds watch this release closely, since BoJ policy shifts affect Japanese government bond yields, which in turn influence global fixed income markets and pension fund returns.
Related events
- Previous release: Japan CPI October 2026 (September 2026 data)
- Tokyo CPI, usually published around three weeks before the national figure and treated as a leading indicator for it
- The next Bank of Japan policy decision, which weighs this CPI print alongside wage and growth data
Frequently Asked Questions
What time is the Japan CPI released?
The Statistics Bureau of Japan releases the report at 8:30 am JST on November 20, 2026, which is 6:30 pm ET and 11:30 pm London time on November 19, 2026.
How should I read the headline versus core figures?
The headline figure includes all items, while the core figure (ex-fresh food) is the BoJ’s preferred gauge because it strips out volatile fresh food prices; the core-core figure removes energy as well for an even steadier read.
How does this data affect Bank of Japan interest rate decisions?
The BoJ uses CPI trends, alongside wage growth, to judge whether inflation is sustainably near its 2% target, which is a key input into its interest rate decisions.
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?
The following month’s report, covering November 2026 data, is typically published in mid to late December 2026 by the Statistics Bureau of Japan.