Japan's key inflation gauge rises above the central bank's target level, supporting a rate hike within the year.

Japan's Ministry of Internal Affairs and Communications announced on October 23 that the consumer price index (CPI) excluding fresh food rose 2.1% year-on-year in September, the CPI excluding fresh food and energy rose 2.4% year-on-year, and the overall CPI rose 2.1% year-on-year. A key Japanese inflation gauge rose above the central bank's target level for the first time this year, supporting widespread expectations that the Bank of Japan will raise interest rates in December.