Inflation continues to disappoint and the public’s expectations for future price changes have been in a “weakening phase”, according to the minutes of the Bank of Japan’s December policy meeting, published today (January 26).

“Most members shared the recognition that prices had been relatively weak compared to the steady tightening of labour market conditions,” the minutes say. CPI inflation for all items was 1% in December, still well below the 2% target, and all items, without fresh food, was