Japan: Energy shock lifts inflation more than GDP – ING
Oleh FXStreet Insights Team
Diperbarui: 15 May 2026
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ING’s Min Joo Kang expects Japan’s economy to maintain similar growth to the previous quarter, with first-quarter Gross Domestic Product (GDP) seen rising 0.3% quarter-on-quarter.
ING’s Min Joo Kang expects Japan’s economy to maintain similar growth to the previous quarter, with first-quarter Gross Domestic Product (GDP) seen rising 0.3% quarter-on-quarter. The war-related energy shock is judged to have limited impact on trade and growth but a more visible effect on inflation. ING forecasts April inflation at 1.8% year-on-year, helped by subsidies that cap broader price pressures.
Growth steady while prices edge higher
"Japan’s upcoming data releases will reveal the economic impact of energy disruptions."
"Energy effects may have a limited impact on growth but a greater impact on inflation."
"We believe the economy continued to grow at a similar rate as the previous quarter."
"We expect GDP to rise 0.3% quarter-on-quarter, seasonally adjusted."
"Inflation is expected to rise to 1.8% year-on-year in April, up from 1.5% in March."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
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