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The Japanese data released today showed inflation is not even half-way to Bank of Japan’s (BOJ) inflation target, meaning the ultra-easy monetary policy will likely be on hold indefinitely.  

The nationwide cost of living as represented by the consumer price index (CPI) in Japan was up 0.7 percent on year in May, the Ministry of Internal Affairs and Communications said on Friday.  

Further, the core CPI also increased 0.7 percent on year as expected.