Mizuho Securities economists say AI-related demand since early 2026 has
significantly lifted Japanese corporate goods prices, but because cost increases
affect only a subset of durable consumer goods, even full pass-through to
consumers would likely have a limited impact on CPI. They add that likening
AI-driven inflation risk to that from elevated energy prices or yen depreciation
overstates the case. Bank of Japan Governor UEDA on Tuesday reiterated that AI
demand, higher oil prices and yen weakness are among factors pushing up Japan’s
inflation.
