Japanese Prices Are Rising At Their Fastest Pace Since 2008

Consumer prices excluding food jumped 0.4% in June, which was higher than the 0.3% increased expected.

This is the fastest prices have climbed since November 2008, reports CNBC's Deirdre Wang Morris.

New Prime Minister Shinzo Abe was elected on the promise that he would pursue extremely aggressive stimulative policies in his efforts to get the Japanese economy humming again.

Dubbed "Abenomics," these policies include ultra-easy monetary policy from the Bank of Japan.

Just talk of this has caused the Japanese yen to plunge and Japanese stocks to surge.

And based on the most recent CPI readings, prices may be on the rise.