The rise in Japan’s business service prices held steady at a three-decade high, in a development likely to fuel speculation that the Bank of Japan will inch its way toward normalizing policy in coming months.
The country’s services producer price index, a gauge measuring the costs of a range of goods and services provided by businesses to other firms and government entities, rose 2.3% in November from a year earlier, the BOJ said Tuesday. It was the second month of 2.3% gains, the fastest since April 1992 when excluding periods when there were sales tax increases. The rise was a tad slower than the consensus call for a 2.4% gain.
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