Japan's shaky business mood, GDP downgrade cloud BOJ hike timing

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Japan's shaky business mood, GDP downgrade cloud BOJ hike timing - Channel News Asia

Quick Summary:

TOKYO :The business mood in Japan's service-sector soured in June as the lower yen pushed costs higher, a quarterly central bank survey showed on Monday, offsetting a big lift in factory confidence and pointing to consumption weakness.

BOJ Governor Kazuo Ueda has said the central bank will raise rates further if there is enough evidence that underlying inflation will durably meet its 2 per cent target, as it projects.

The reading, which was the highest since March 2022, reflected a rebound in auto output and success by manufacturers to pass on rising raw material costs through price hikes.