BOJ Inflation Gauge Soars 3.6% in July

The Bank of Japan's (BOJ) inflation gauge rose by 3.6% in July from a year earlier, according to data released on Wednesday.

This increase in the services producer price index tracks the prices companies charge each other for services and follows a revised 3.4% gain in June.

The data adds to signs of broadening inflationary pressure in the economy, which has bolstered the case for a near-term interest rate hike.