Japan's inflation outbreak:
Inflation in Japan rose +2.9% YoY in November, the 2nd-highest reading since July.
Core inflation, which excludes prices of fresh food, rose +3.0% YoY.
This marks the 44th consecutive month with inflation above the Bank of Japan's target rate of 2%.
Additionally, rice inflation remains at a whopping +37.1% YoY.
As a result, the Bank of Japan signaled after raising rates on Friday that further hikes are likely.
The central bank also said that underlying inflation is still gradually increasing.
The fight against inflation in Japan is far from over.
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