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Japan’s core consumer price index, which excludes fresh food but includes energy, rose 3% year-on-year in November 2025, unchanged from October and in line with market expectations. The reading remains well above the Bank of Japan’s 2% target, reinforcing the case for a near-term interest rate hike. The central bank is widely expected to raise its policy rate by 25 basis points to 0.75% on Friday to curb inflation, with markets pricing in a further increase toward 1% by July next year. However, the outlook has been complicated by a downward revision to third-quarter GDP, which indicated a sharper contraction than previously estimated. Adding to the policy debate, Prime Minister Sanae Takaichi, a proponent of looser monetary policy, reportedly told a business lobby on Wednesday that Japan should prioritize proactive fiscal spending rather than excessive tightening to support growth and bolster tax revenues.