Overview
- Producer prices rose 2.7% year over year in October after a revised 2.8% in September, exceeding the 2.5% consensus.
- On a monthly basis, the CGPI increased 0.4%, beating expectations for a 0.3% gain.
- The yen-based import price index fell 1.5% from a year earlier, a deeper decline than September’s revised 1.1% drop.
- The BOJ views wholesale prices as an early guide to consumer inflation as it maintains a cautious stance following this year’s rate hike to 0.5%.
- Governor Kazuo Ueda reiterated a careful approach and said the bank stands ready to act if long-term yields deviate from fundamentals, while USD/JPY edged back from 155.