
Japan's core inflation rose to 1.6% in June from a four-year low, in line with expectations, as higher oil prices spread through the economy. Headline inflation rose to 1.7%, while core-core inflation eased to 1.7%, and producer prices hit 7.1%, the highest since March 2023.
Rising input costs from energy price spikes feed into Japanese demand and import budgets for feed and food commodities. The data points to pressure on Japanese purchasing power and the yen outlook, with limited direct price impact on grains.
After 323 past bullish macro events, Crude Oil (Brent) moved a median +0.7% over 5 sessions (58% higher; middle half -2.9% to +3.7%), and +1.3% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.