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Excluding food and energy, inflation is currently at a level of over 4%, which is the closest it has been to the US ‘core’ inflation. This is a significant increase in the general price levels of goods and services within an economy or country, which can have an impact on the strength of currencies and foreign exchange. Inflation is caused by the creation of money, and at its current level of 4.3%, it is at its highest point in over 40 years.

The real cost of goods in Japan is still higher than the overall rate. As I mentioned before, the Bank of Japan is claiming that the consumer price index will start to go down starting in September or October.

The ‘transitory’ argument didn’t work out well at all from other DM central banks. On Thursday the Bank of England ratcheted up their bank rate by 50bp, even after multiple rises in the months preceding.

The Bank of Japan is scheduled to convene on July 27 and 28, and there is speculation in financial circles that its YCC policy may be altered, despite previous meetings resulting in letdowns.

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