Japan Inflation Monitor (July)

研报英文原文证据摘录

Japan Inflation Monitor (July)

Global Markets Research

24 July 2026Japan Inflation Monitor (July)

Economics - Japan

Research AnalystsRising concerns over price pass-throughs this

Japan Economicssummer

Uichiro Nozaki - NSCIn corporate transactions, proactive pass-throughs are already taking uichiro.nozaki@nomura.com

place in the midstream stage of supply chains +81 3 6703 1284

1. Recap of June 2026 all-Japan CPI data Yuna Minegishi - NSC

Core CPI inflation accelerated from +1.4% y-y in May to +1.6% in June. However, this yuna.minegishi@nomura.com

largely reflects a y-y rebound, with no clear impact yet from higher crude oil prices. Core- +81 3 6703 1287

core CPI inflation eased compared to the previous month. Kyohei Morita - NSC

kyohei.morita@nomura.com

A breakdown shows that energy prices, which were affected by prior-year gasoline price +81 3 6703 1395

base effects, picked up, while food price inflation continued to slow. Private-sector service

Japan Rates Strategyprice inflation was broadly flat at around 2%.

Tomoaki Shishido - NSC

Concerns about cost pass-throughs over the summer have picked up. That said, we do tomoaki.shishido@nomura.com

not expect headline inflation to accelerate sharply, as the government has planned +81 3 6703 3941

measures to curb electricity and gas costs.

2. Rising inflationary pressures midstream in response to situation in Middle East

Recent first-round pass-throughs of inflation in logistics (particularly marine transport) and

chemical products have been more rapid than BOJ estimates and than in 2022.

Unlike in 2022, prices of goods other than food and energy have been rising markedly in

upstream to midstream stages, which include a large number of plastic and paper

products.