Japan reports inflation hit 4%, 41-year high in December
Japan has reported its consumer inflation hit a 41-year high of 4% in December, as prices for everything from burgers to gas surged TOKYO -- Japan's consumer inflation rate hit a 41-year high of 4% in December, as prices for everything from burgers to gas surged. That rate is still relatively low, compared to some other nations, including the U.S. Japan, the world’s third-largest economy, has been fending off deflation, or chronically falling prices, for decades. The last time core consumer prices rose that much was December 1981, the Ministry of Internal Affairs and Communications said. The Federal Reserve and many other central banks have raised interest rates to tame inflation but the Bank of Japan has kept its benchmark rate at a longstanding low level of minus 0.1%. A sharp weakening of the Japanese yen against the U.S. dollar and other currencies has added to pressures on the BOJ and speculation has been building that it might soon shift course and start raising interest r...