* Jan jobless rate falls to 2.4 pct vs f'cast 2.7 pct* Tokyo Feb core CPI +0.9 pct vs Jan +0.7 pct* Data bodes well for BOJ's battle to hit price goal (Adds quotes, detail)By Sumio Ito and Leika KiharaTOKYO, March 2 (Reuters) - Japan's unemployment rate hit a25-year low in January and job availability stayed at atwo-decade high, government data showed on Friday, offeringpolicymakers hope a strengthening economic recovery will nudgefirms into raising wages.Separate data showed core consumer inflation in Tokyo, aleading indicator of nationwide price trends, accelerated to 0.9percent in February from 0.7 percent in the previous month.While inflation remains distant from the Bank of Japan's 2percent target, Friday's batch of data underscore the centralbank's view that brightening economic prospects and a tight jobmarket will prompt firms to push up prices.The seasonally adjusted unemployment rate fell to 2.4percent in January, down from 2.7 percent in December and lowerthan a median market forecast of 2.7 percent, data from theInternal Affairs ministry showed.That was the highest level since April 1993, when Japan'seconomy was still in an asset price bubble.
"We're seeing a pretty big increase in jobs in markets thatare expanding. It's in line with Japan's expanding economy,"said Takuji Aida, chief economist at Societe General Securities."The jobless rate is likely to stabilise below 2.5 percentand underscore the view Japan is heading toward a sustained exitfrom deflation."The jobs-to-applicants ratio was 1.59, unchanged from theprevious month and matching the highest since January 1974. Themedian forecast was for the index to rise to 1.60.The pick-up in Tokyo consumer inflation was driven by risesin hotel and package tour prices, reflecting robust demand fromChinese visitors to the city and Japanese tours to South Koreaduring the winter Olympic Games, the data showed.Japan's economy expanded at an annualised 0.5 percent inOctober-December, posting its longest continuous expansion sincethe 1980s boom, thanks to robust capital spending.But inflation remains distant from the BOJ's 2 percenttarget as companies hold off on raising prices and wages, citinguncertainty over the economic outlook.Prime Minister Shinzo Abe has been pushing companies toraise wages by 3 percent or more to spur consumer spending,piling pressure on firms to spend their some their huge hoardsof cash to broaden the benefits of the strengthening economy. (Reporting by Sumio Ito and Leika KiharaEditing by Eric Meijer)
twitter.com/stanleywhite1; Reuters Messaging:stanley.white.reuters.com@reuters.net)) Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.