According to CoinMeta, JPMorgan economist Takuho Morimoto stated that the underlying inflation rate in the Tokyo metropolitan area may be much higher than the levels indicated by official government data. After excluding the impact of policy incentives such as subsidies for water and electricity bills and childcare fees, and after accounting for fresh food and energy costs, the increase in consumer prices could reach 2.5%, which is significantly higher than the 2% announced on Friday and also exceeds the Bank of Japan's inflation target of 2%. He expects inflation to accelerate further before the end of the year, which will increase the pressure on the Bank of Japan and raise the risk of high costs associated with delays in policy responses.