Tokyo Inflation Quickens, Keeping BOJ on Track for Rate Hike

-- Inflation in Tokyo picked up in June on the back of higher energy prices and industrial output rose more than expected in May, likely keeping the Bank of Japan on track to consider an interest rate hike as early as July.Bolivia’s President Arce Swears in New Army Chief After Coup Bid

On balance, with the key gauge back above the BOJ’s 2% target and fresh signs of health in the manufacturing sector, Friday’s data will likely keep the BOJ on track toward normalizing monetary policy.“Tokyo’s hot June CPI report isn’t the last data release before the Bank of Japan’s July meeting but it provides compelling evidence that the BOJ can proceed with a rate hike — our base case.

Electricity prices rose 10.8% from a year earlier, a slower pace than in May even after the government began phasing-out a utility subsidy. The subsidies will be terminated completely at the end of the month. -- Beijing misjudged the impact on its relationship with Europe when it provided support for Russia’s war in Ukraine, America’s top diplomat in China said, as ties fray between the world’s No. 2 economy and Western democracies over the conflict.

Source: Energy Industry News (energyindustrynews.net)

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