Core inflation in Japan's capital slowed in September for the third straight month mainly on falling fuel costs, data showed on Friday, suggesting that cost-push pressures are starting to peak in a relief for the fragile economic recovery.
But separate data showed factory output was flat in August, a sign companies were feeling the pain from soft global demand and weak signs in China's economy.
An index that strips away both fresh food and fuel costs, which is closely watched by the BOJ as a better gauge of broad price trends, rose 3.8% in September from a year earlier after a 4.0% gain in August, the data showed. "Our view is that the Bank will use the current window of opportunity to abandon negative interest rates and have pencilled in a rate hike in January next year."
But Governor Kazuo Ueda has ruled out the chance of an early exit from ultra-loose policy, saying that it needs to wait until wages rise enough to keep inflation sustainably around 2%.
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