Japan’s unemployment rate rises to 2.5%, CPI up 0.9%

Unemployment rate rose to 2.5% for last month, up from the 2.4% increase in October.

Japanese workers
Source: Bloomberg

Japan’s unemployment rate rose slightly from the previous month in November even as more openings for jobseekers were available, data from the Ministry of Internal Affairs and Communications showed on Friday.

Unemployment rate rose to 2.5% for last month, up from the 2.4% increase in October. Economists had expected unemployment for the month to remain at 2.4%.

Jobs availability rose to 1.63 jobs per applicant in November compared to 1.62 jobs a month ago, in line with expectations.

The job market contributes to how the economy performs and a worsening employment situation will not help the Bank of Japan (BOJ) to keep to its annual inflation target of 2.0%.

In spite of massive monetary stimulus efforts from the BOJ to curtail price declines, inflation has been struggling to accelerate, posing as a challenge to the central bank.

On Friday, separate government data revealed Tokyo’s consumer prices rising 0.9%, matching expectations. The core CPI includes oil products but excludes the prices of fresh food. The Tokyo index is a leading indicator to track consumer inflation in the country.

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