The Federal Reserve defines it as “all items less food and energy,” the ECB defines it as “all items less energy, food, alcohol, and tobacco,” and the BOJ defines it as “all items less fresh food.”  2  BIS central bankers’ speeches  Situation in Japan and a conundrum regarding inflation expectations The BOJ adopted its 2 percent price stability target in January 2013, followed by the launch of quantitative and qualitative monetary easing (QQE) in April of the same year.
These initiatives are aimed at overcoming the mild deflation that has lingered for 15 years in Japan.