Japan’s producer prices pick up, backing case for another BOJ rate hike

What happened: Japan's corporate goods inflation accelerated for the first time in three months, with producer prices rising in October, which supports the case for a Bank of Japan rate increase next month. Key numbers: October producer prices climbed 7.1% year on year, up from 6.8% in the previous month, Why it matters: The BOJ acknowledged last month that underlying inflation has hit its price target, and the data would help the central bank make its case for another increase at the December meeting. The yen near ¥160 is cited as another factor that could push consumer prices higher.

Japan's corporate goods inflation accelerated for the first time in three months, with producer prices rising in October, which supports the case for a Bank of Japan rate increase next month.

The BOJ acknowledged last month that underlying inflation has hit its price target, and the data would help the central bank make its case for another increase at the December meeting. The yen near ¥160 is cited as another factor that could push consumer prices higher.