凯投宏观：日本劳动力数据与东京CPI强化央行加息依据

Core Viewpoint - The latest data indicates that Japan's labor market remains tight, with core inflation expected to stay above 3%, suggesting that the Bank of Japan may restart its interest rate hike cycle in the coming months [1] Labor Market - Employment growth accelerated year-on-year in October, but the expansion of the labor force kept the unemployment rate stable [1] - The Bank of Japan's latest short-term economic survey shows that the degree of labor shortages remains at its most severe level since the early 1990s [1] Inflation Outlook - Utility subsidies and the cancellation of gasoline surcharges may lead to overall inflation dropping below 2% early next year [1] - However, core inflation, excluding fresh food and energy, is expected to decline slowly [1] Monetary Policy - The conditions for implementing tight monetary policy remain intact [1]