BOJ Rate Hike Odds Rise as Japan's Wholesale Inflation Stays Hot

Japan's wholesale inflation remained elevated in August, putting further pressure on the Bank of Japan to raise interest rates at its policy meeting next week.

The corporate goods price index rose 7.6% from a year earlier, ahead of a median market forecast for a 7.4% increase and following a revised 7.7% gain in July.

A significant driver of the pressure came from import costs, with the yen-based import price index rising 24.8% year on year in August, moderating from a revised 29.3% jump in July but still historically high.