Japan Inflation Holds Above 2% as BOJ Shifts Policy Amid Economic Boost

• Japan's core CPI inflation rose 2.8% in February, as expected, staying well above the BOJ’s 2% target • The reading comes after the BOJ shifted policy for the first time in 17 years, ending yield curve control • The BOJ forecasts higher inflation ahead driven by strong wage hikes and higher consumption • Food prices remained a key driver of inflation, while recreational goods/services spending picked up • Japanese economy expected to see a boost from higher consumption after narrowly avoiding recession