Japan services PPI for August 2024 comes in at 2.7% y/y
- expected 2.6%, prior 2.8%
The Bank of Japan (BOJ) closely monitors inflation in the service sector. This is to gauge whether increasing wages are prompting businesses to raise prices, which could signal more widespread consumer-level inflation. Inflation rates are a key factor in deciding whether to raise interest rates.
The yen strengthened on Wednesday, while the USD weakened pretty much across the board.
USD/JPY circa 143.05 or so as I update.
