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June had seen Japan’s wholesale prices dropping slower than May’s historic decline. This followed as commodity costs advanced and some of the virus-driven deflationary pressure eased on a rebound monitored in Chinese demand.
The corporate goods price index (CGPI) recorded a 1.6% drop in June from a year earlier, data from the Bank of Japan showed on Friday. This came smaller than the median market forecast of a 1.9% decline. It also placed lower than the 2.8% drop in May, the sharpest record the index had tallied since 2016.
However, the number of CGPI components that declined surpassed those that advanced in June. All in all, the index tallied a total of 124 struggling components from May’s tally of 92, suggesting that domestic demand is frail.
“The data shows that weakness in domestic demand caused by the pandemic is weighing on prices,” Ichiro Muto, head of the BOJ’s price statistics division, said.
Japan’s Finance Minister Taro Aso expressed worries about the yen’s continual rise, calling it “rapid” and hinting at the strong currency’s impact on exports as Japan struggles through a recession. The yen’s ...
June had seen Japan’s industrial output breaking its four-month slump. The recuperation could be attributed to a modest recovery seen in broader business and consumer activity after the world’s third-biggest economy suffered from ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
Samsung Electronics Co Ltd looks forward to the second half of the year as it expects a larger increase in chip demand brought by new smartphone launches. However, the company warned that the coronavirus crisis and trade disputes carry risks. Samsung, ...
The outlook for India’s struggling economy has darkened further on weak business activities and surging virus cases. This will likely prompt the Reserve Bank of India to lower interest rates again, a Reuters survey showed. According ...
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