Japan’s Tokyo CPI core (excluding food) rose to 2.1% yoy in June, beating expectations of 2.0% yoy and up from May’s 1.9% yoy. CPI core-core (excluding food and energy) increased from 1.7% yoy to 1.8% yoy. Headline CPI also ticked up from 2.2% to 2.3% year-on-year. Monthly figures showed Tokyo’s CPI core rose by 0.4% mom, core-core by 0.3% mom, and headline CPI by 0.3% mom.
In addition, Japan’s industrial production saw a significant boost in May, rising 2.8% mom, surpassing the forecasted 2.0%. Of the 15 industrial sectors covered, 13 reported higher output while only two experienced declines.
A Ministry of Economy, Trade and Industry official noted, “The private sector’s sentiment toward output is improving as auto production started to pick up.” Despite this, the ministry maintained its previous assessment that industrial production “showed weakness while fluctuating indecisively.” According to a poll of manufacturers, output is expected to decrease by -4.8% in June but increase by 3.6% in July.
 rose to 2.1% yoy in June, beating expectations of 2.0% yoy and up from May's 1.9% yoy. CPI core-core (excluding food and energy) increased from 1.7% yoy to 1.8% yoy. Headline CPI also ticked up from 2.2% to 2.3% year-on-year. Monthly figures showed Tokyo's CPI core rose by 0.4% mom, core-core by 0.3% mom, and headline CPI by 0.3% mom.){kind=link}