Japan's core CPI excluding fresh food but including energy increased 1.8 percent year-on-year in July, up from 1.6 percent in June, while the core-core measure excluding both fresh food and energy rose to 1.9 percent. The data, released August 21, showed headline inflation at 1.9 percent and wholesale inflation at 7.2 percent, with energy prices increasing for the first time since November 2025. The Bank of Japan is expected to raise its policy rate to 1.25 percent from the 1 percent level set in June at its September 17-18 meeting.