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Economy in Brief

  Is Deflation In Japan Starting To Subside?
by Louise Curley April 13, 2004

It is too early to say that deflation in Japan is at an end; however, there are signs that some deflationary forces are beginning to weaken.Although the Corporate Goods Price Index was still below year ago levels, it rose 0.63% in March from February. The domestic price index was up 0.2% in March over February and was also up 0.2% over March, 2003, the first year over year increase since July, 2000. Corporate import prices rose 2.32% in March and export prices rose 1.26%.The rise in the corporate goods prices indexes has yet to be reflected in consumer prices. Nevertheless, consumer prices in February, the latest month available were unchanged from January and from February of a year ago.

Mar 04 Feb 04 Mar 03 M/M 
%
Y/Y 
%
2003 2002 2001
Corporate Good Price Index (2000=100)                
  Total 96.3 95.7 96.8 0.63 -0.52 96.0 97.2 99.1
  Domestic 95.5 95.3 95.0 0.21 0.21 95.0 95.7 97.7
  Exports 96.5 95.3 99.2 1.26 -2.72 97.8 101.9 103.1
  Imports 101.3 999.0 103.5 2.32 -2.13 100.1 101.0 102.5
  Feb 04 Jan 04 Feb 03          
Consumer Price Index (2000=100) 97.7 97.7 97.7 0.0 0.0 98.1 98.3 99.3
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