Here is the chart of the index itself:
And here are the year on year percentage changes for the three principal indexes. As can be seen we are back in deflation across the board since January.
Only a few months ago, an autumn rate rise had become the consensus view among Japan economists. But since then, turmoil in global credit markets and a fall in Japanese share prices have generated a wait-and-see attitude among BoJ board members, making them reluctant to raise the benchmark rate above its current 0.5 per cent level. Thursday’s weak retail sales figures, and Friday’s evidence of continuing deflation, make a rate rise in September even less likely.
The reports bolstered speculation the Bank of Japan will delay raising interest rates until it can gauge the effects of the U.S. housing recession on growth in the nation's biggest export market. Expectations of a rate increase have fallen since losses on U.S. subprime mortgages caused corporate credit costs to jump, global stocks to plummet and the yen to surge.