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- Tokyo’s core inflation rate, a leading indicator for nationwide price trends, came in hotter-than-expected in June.
- Tokyo’s core inflation rate rose 2.1% in June, above the consensus forecast and the Bank of Japan’s 2% target, reinforcing the case for the central bank to proceed with policy normalization.
- Tokyo’s core inflation rate also accelerated for the second straight month, following a 1.6% rise in May.
- Meanwhile, the headline CPI accelerated to 2.3% in June from 2.2% in May.
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The Japanese yen weakened to around 161 per dollar, breaching that level for the first time since 1986 as the Ministry of Finance appointed Atsushi Mimura as Japan’s top currency diplomat, replacing Masato Kanda.
Nikkei 225 (NKY:IND) jumped 0.7% to above 39,626 on Friday, amid strong data.
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