TOKYO: Core inflation in Japan 's capital accelerated in June on rising fuel bills and the boost to import costs from a weak yen, data showed on Friday , keeping alive expectations for a near-term interest rate hike by the central bank.
The core consumer price index in Tokyo, considered a leading indicator of nationwide figures, rose 2.1 per cent in June from a year earlier, accelerating from the previous month's 1.9 per cent gain and exceeding market forecasts for a 2.0 per cent gain. "The latest inflation data are consistent with our view that the Bank will lift its policy rate further at its July meeting," he said.
Manufacturers expect to trim output by 4.8 per cent in June before increasing it by 3.6 per cent in July, which means production in the April-June period will likely exceed that for the first quarter, a government official told a briefing on the data. The BOJ ended eight years of negative interest rates and other remnants of its radical monetary stimulus in March as it judged that sustained achievement of its 2 per cent inflation target has come into sight.
Source: Loan Digest (loandigest.net)
Inflation
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