Japan’s corporate goods price index dropped further to -0.8% yoy in September, down from -0.6% yoy, missed expectation of -0.5% yoy. Wholesales prices also dropped -0.1% mom, indicating risk of upstream deflation. “With the global economy still reeling from the pandemic’s pain, the pace of its recovery remains modest. That will weigh on Japan’s wholesale inflation,” a BOJ official told a briefing.
Also from Japan, bank lending rose 6.4% yoy in September, below expectation of 7.5% yoy. Machinery orders rose 0.2% mom in August, well above expectation of -1.0% mom decline.
