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MNI is the leading provider
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Japan's services producer price index rose 1.5% y/y in December, marking the 22nd straight rise but slowing from November's 1.7% increase, preliminary data released by the Bank of Japan on Thursday showed, suggesting services inflation is more muted than in many countries.
At least two BOJ board members at the January meeting said that the rise in services prices is necessary to achieve the 2% price target, the summary of opinions released Thursday showed. Unless services prices rise, Japan’s inflation rate is unlikely to pick up in the required stable and sustainable manner and policymakers continue to focus wages in the service sector and its impact on retail prices.
The slower December rise was due mainly to higher prices for transportation and postal activities (+2.5% y/y in Dec. vs. +3.1% in Nov.) and leasing and rentals (+5.2% vs. +5.6%).
Source: Bank of Japan
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.