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Japan’s inflation uptick puts 2% target in sight

Better-than-expected inflation data out of Japan has put the central bank's 2 percent inflation target well within sight, some analysts told CNBC.

Japan reported a 1.3 percent on-year rise in its nationwide core consumer price index (CPI) for December on Friday, above expectations for a 1.2 percent rise and marking a fresh five-year high. Core-core CPI excluding food and energy prices rose 0.7 percent on year in December, matching its August 1998 high.

(Read more: Will 2% inflation be enough for Japan?)

"Two years ago would you ever have expected to see a number like that, nor frankly one year ago?" said Ed Rogers, CEO & CIO at Rogers Investment Advisors.

"The idea of a 1.3 percent inflation number would have been considered ludicrous… The point is, this continues to highlight the directionality in favor of Abenomics," he added.


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