TOKYO—Consumer inflation in Tokyo slowed below the Bank of Japan’s 2% target but expectations for near-term rate increases remain high, especially given the yen’s renewed weakness. The consumer price index for the Tokyo metropolitan area rose 1.

Core consumer prices in Japan's capital rose 1.8% in October from a year earlier, data showed on Friday, slipping below the central bank's 2% target for the first time in five months. The Tokyo inflation figures are considered a leading indicator of nationwide trends.

Inflation in Tokyo slowed below 2% for the first time in five months largely due to energy prices, as the country heads into a general election and the Bank of Japan mulls data for its policy decision next week.