BOJ Set to Hike Rates Amid Rising Price Pressures

Japan's core inflation rate remained steady near the Bank of Japan's (BOJ) 2% target in August, according to new data. The core consumer price index, which excludes volatile fresh food but includes fuel costs, rose by 1.7% from a year earlier.

This is the eighth consecutive month that core inflation has stayed below the BOJ's target. However, rising fuel costs and higher import prices due to a weak yen are adding pressure to the economy.

The BOJ is expected to raise interest rates this week, with analysts predicting a hike to 1.25% on Friday. This would be the highest rate in 31 years.