Japan's Inflation Rate Accelerates Amid Higher Oil Prices and Weakened Yen

Japan's core inflation rate accelerated to 1.6% in June, driven by higher oil prices and a weak yen.

The internal affairs ministry released data showing that prices for imported energy products continued to rise, pushing up product costs across the country.

The falling value of the yen, trading at around 40-year lows against the US dollar, also increased the cost of imports like oil and food for Japan.

Inflation was strongest in categories such as housing repairs and maintenance, auto insurance, and 'bento' boxed meal sets, which saw price increases.