日本核心通胀创2023年以来新高，推升加息预期

Group 1 - Japan's rice prices surged by 101.7% year-on-year in May, marking the third consecutive month of significant increases, following rises of 98.4% in April and 92.1% in March, indicating a severe food price crisis not seen in over half a century [1][2] - The core consumer price index (CPI) in Japan rose by 3.7% year-on-year in May, exceeding economists' expectations of 3.6% and April's 3.5%, reaching the highest level since January 2023 [1][2] - The inflation rate excluding fresh food and energy increased from 3% to 3.3%, suggesting that price pressures are spreading [1][2] Group 2 - The Japanese government has released emergency reserves to stabilize rice prices, which account for approximately 50% of core inflation [2] - The Bank of Japan maintained its benchmark interest rate at 0.5% despite inflation exceeding the 2% target for 38 consecutive months, indicating significant pressure on monetary policy [3][4] - Japan's economy showed signs of weakness, with a 0.2% contraction in GDP in the first quarter, attributed mainly to declining exports [3][4]