Japan's Wholesale Inflation Soars to 7.2%, Rate Hike Chances Bolstered

Japan's wholesale inflation continued its upward trend in July, according to data released by the Bank of Japan on Thursday. The producer price index rose 7.2% in July from a year earlier, after a revised 7.3% gain in June.

This increase is slightly below market forecasts for a 7.4% rise, but still highlights broadening price pressures and reinforces expectations of an interest rate hike in September.

On a month-on-month basis, the index edged up 0.1% in July, after a revised 0.5% increase in June, according to the data.