Producer Prices Rise in Japan

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Producer prices in Japan rose 0.4 percent in June compared to the previous month. Compared to the same month last year, prices rose 7.1 percent, after a revised +6.6 percent in May (+6.3), the Bank of Japan reported.

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A weak yen and high energy costs drove Japanese wholesale prices up more than expected in June. The producer price index rose by 7.1 percent year-on-year, according to data released Friday by the Bank of Japan (BOJ). Analysts had previously forecast an increase of only 6.8 percent, following a revised 6.6 percent in May.

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The Bank of Japan announced on the 10th that the domestic corporate goods price index for June (2020 average = 100, preliminary figure) rose 7.1% year-on-year to 135.4. The rate of increase accelerated from 6.6% in May. Price increases in petroleum products and chemical products due to the turmoil in the Middle East pushed up the index.