According to Jinshi, Japan's core CPI annual rate in April was 2.2%, in line with market expectations, and remained at or above the Bank of Japan's 2% target for the 25th consecutive month. The increase in processed food prices slowed to 3.5%, partly due to base effects. The deeper inflation indicator that excludes fresh food and energy prices fell to 2.4%, also in line with consensus expectations. Analyst Toru Fujioka pointed out that this result alone is unlikely to prevent the Bank of Japan from looking for opportunities to further tighten its easing policy. Bank of Japan observers are increasingly pointing out that the Bank of Japan may raise interest rates early because the yen remains near a 34-year low even after the government's suspected intervention in the market twice.