BOJ official: Rising commodity prices pushing up a broad range of wholesale prices

Responding to the strong Japanese factory gate prices, a Bank of Japan (BOJ) official said that a 4.9% rise YoY is the largest rise since September of 2008. 

Additional quotes

“Rising commodity prices are reflecting the global economic recovery.”

“Pushing up a broad range of wholesale prices in Japan.”

“Companies are passing along rising costs, driven more by external factors than demand.”

Market reaction

USD/JPY is easing towards 109.50, down 0.05% on the day, as weakness in the US Treasury yields weighs. Focus shifts to the US CPI release.