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Excluding food and energy, the current inflation rate is holding steady above 4%, which is the closest it has been to the US “core” inflation rate. This is a significant indicator of the strength of currencies, including foreign exchange. Inflation is the result of the overall increase in the money supply, leading to a rise in the general price level of goods and services over time. The current inflation rate of 4.3% is the highest in over 40 years.

The price pressures in Japan that are fundamental are still higher than the headline rate. I mentioned earlier that The Bank of Japan is adamant that the CPI will start to decrease approximately from September/October.

The “temporary” explanation failed to produce good results for other DM central banks. The Bank of England increased their bank rate by 50bp on Thursday, despite previous increases in the previous months.

The next meeting of the Bank of Japan is scheduled for July 27 and 28, and there are rumors circulating in the markets about potential revisions to its YCC policy. Although there have been several letdowns in previous meetings, these murmurs persist.

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