FX.co ★ Tokyo Inflation Cools as January CPI Slips to 1.5% Year-on-Year

Tokyo’s consumer price growth eased in January 2026, with the year-on-year Consumer Price Index (CPI) for the capital slowing to 1.5%, down from 2.0% recorded in December 2025, according to data updated on 29 January 2026.

The figures are based on a year-over-year comparison, meaning the January reading reflects the change in prices versus January a year earlier, while December’s 2.0% represented the change versus the same month a year before. The latest print suggests inflationary pressures in Tokyo are moderating at the start of 2026, potentially influencing expectations for the broader national price trend and future monetary policy discussions.

Market participants and policymakers closely track Tokyo CPI as an early indicator of nationwide inflation dynamics. The step down from December’s 2.0% to January’s 1.5% may be read as a sign that consumer price growth is losing momentum, though the sustainability and breadth of this slowdown will become clearer as more data for 2026 are released.