Bank of Japan says inflation hit 2pc target after 13 years

TOKYO, Oct 30: The Bank of Japan said Friday inflation had hit its two percent target, more than 13 years after it adopted the goal in a bid to pull the economy out of deflation, but held off hiking interest rates for now.

Successive governments struggled for decades to pull the country out of a spiral of deflation -- sustained falls in prices that are harmful for economic growth -- and the two percent goal was set in 2013 as the BoJ launched massive monetary easing measures.

While core consumer inflation intermittently topped the level in the early 2020s, Friday marked the first time that the central bank confirmed the long-term price trend had been achieved.

"Underlying CPI (consumer price index) inflation is at a level that is generally consistent with the price stability target of two percent, and is expected to remain at around that level," the central bank said on its website.�"AFP