Tokyo Core CPI Rises to 1.6% in June, Seen as Unlikely to Accelerate BoJ Rate Hikes

Tokyo consumer prices excluding fresh food rose 1.6% year-on-year in June, up from a 1.3% increase in May, according to comments from Takuya Hoshino. According to NS3.AI, Hoshino said the June reading is unlikely to lead the Bank of Japan to speed up interest rate hikes. The update points to a modest pickup in Tokyo’s core inflation measure compared with the prior month, while suggesting limited implications for the pace of BoJ policy tightening based on Hoshino’s assessment.