Japan's business services inflation slows in June

Data released on Wednesday reveals that Japan's business-to-business service inflation diminished in June. This indicates that companies are still hesitating to pass on the increasing labor costs, despite the job market being highly competitive.

The data from the Bank of Japan (BOJ) revealed that the services produce price index, which gauges the prices that companies charge one another for services, increased by 1.2 percent in June compared to the previous year. This growth rate decelerated from a revised 1.7 percent rise in May.

The information precedes the significant gathering of the central bank, anticipating its conclusion on Friday. During this meeting, the committee will unveil updated predictions for economic growth and inflation for the next quarter.