End of Japanese deflation?
This is old news, but for three months in a row now consumer prices have actually been increasing in Japan. After hitting their post-1997 trough in February, the annualized (NSA) inflation rate since that time has been a dramatic +3.3%, although with seasonal adjustment, the figure is a much more tepid +0.4%.
May also marks the first time since December that Japanese consumer prices have risen year-over-year. Annual inflation currently stands at +0.2%. Yet without skyrocketing oil prices, one suspects even this level of inflation couldn't exist.