Mubasher: Inflation in Japan accelerated in January on the back of higher utility bills, although it was still below the Bank of Japan's (BOJ) target, data released on Friday showed.

Core consumer prices, excluding the volatile fresh food items, grew 0.8% last month from 0.7% in December.

"That snapped a three-month run of flat or slower price gains that had pushed the BOJ's 2 percent inflation target farther from reach. The central bank's current projections do not show the goal being achieved until at least fiscal 2021," according to the Nikkei Asian Review.

An increase in the cost of energy pushed up Japan's inflation, however, it was offset by a sharp drop in oil prices in the global market in late 2018, which put downward pressure on consumer items such as gasoline and kerosene.

Last month, gasoline prices were mostly stable, whereas electricity and gas bills, which track oil prices but with a time lag of several months, extended their rise, the Japanese Ministry of Internal Affairs and Communications said.