Japan’s corporate service inflation accelerates in November

Service-sector inflation is being closely watched by the Bank of Japan for clues on whether demand-driven price gains are broadening enough to justify raising interest rates further.

The November year-on-year gain in the services producer price index, which measures the price companies charge each other for services, accelerated from a 2.9% gain in October, BOJ data showed.

© Reuters. FILE PHOTO: People are reflected on a wall as they cross a road at Tokyo's business district, Japan, February 22, 2016.   REUTERS/Toru Hanai/File Photo

The BOJ ended negative interest rates in March and raised its short-term policy rate to 0.25% in July on the view that Japan was making steady progress towards durably achieving its 2% inflation target.

Governor Kazuo Ueda has said the BOJ will keep raising rates if inflation remains on track to stably hit 2% as it projects.

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