2025年6月，东京Ku地区的核心消费价格同比上涨3.1%，较5月份的3.6%有所回落，低于市场预期的3.3%。这标志着自2月以来核心通胀首次放缓，尽管该利率仍远高于日本央行2%的目标，维持了进一步加息的预期。日本央行行长上田和夫最近表示，如果持续的工资增长支持消费者支出，并使企业能够转嫁更高的成本，央行可能会继续加息——这些条件被视为将通胀稳定在2%目标附近的关键。尽管如此，日本央行最新的《意见摘要》语气更为谨慎，政策制定者强调，在全球贸易紧张局势和地缘政治不确定性持续存在的情况下，保持宽松立场的重要性。

Core consumer prices in Tokyo’s Ku-area rose 3.1% year-on-year in June 2025, easing from a 3.6% increase in May and falling short of market expectations of 3.3%. This marks the first slowdown in core inflation since February, though the rate remains well above the Bank of Japan’s 2% target, sustaining expectations for further interest rate hikes. BOJ Governor Kazuo Ueda recently signaled that the central bank may continue raising rates if sustained wage growth supports consumer spending and enables firms to pass on higher costs—conditions seen as critical to anchoring inflation around the 2% goal. Still, the BOJ’s latest Summary of Opinions struck a more cautious tone, with policymakers stressing the importance of maintaining an accommodative stance amid ongoing global trade tensions and geopolitical uncertainties.