Svmuu News: Takuya Hoshino, an economist at the Dai-ichi Life Research Institute in Japan, said that consumer inflation in the Tokyo metropolitan area rose in June for the first time in eight months, but this result does not necessarily mean that Bank of Japan (BOJ) will accelerate the pace of interest rate hikes.
“While the data suggest underlying price resilience, it is not yet sufficient to raise concerns about costs being passed on to consumers at an accelerated pace, as noted at Bank of Japan (BOJ),” he said. “This is unlikely to prompt Bank of Japan (BOJ) to raise interest rates ahead of schedule.”” In June, Tokyo’s consumer prices, excluding fresh food, rose 1.6% year-on-year, compared with a 1.3% increase in May. Tokyo’s data is seen as an early indicator of national trends. (Jin Shi)