FX.co ★ Tokyo Core CPI Ex Food and Energy Falls Further Into Negative Territory in January

Japan’s Tokyo CPI excluding food and energy continued to soften at the start of 2026, underscoring disinflationary pressure in the capital’s underlying price trends. The core gauge declined by -0.3% month-over-month in January 2026, weakening from a -0.1% month-over-month reading in December 2025.

The data, updated on 29 January 2026, show that the pace of price declines for goods and services—once volatile food and energy components are stripped out—has accelerated on a month-over-month basis. The “actual” January figure compares price changes in January to December, while the “previous” reading reflected the change in December versus November. The deeper negative print suggests a further easing in core price momentum in Tokyo at the beginning of the year.