Inflation in Japan picked up in February on a rebound in tourism and rising labor costs, giving the central bank hope that steady wage hikes would help in reaching its 2% inflation target.
With inflation already exceeding the 2% target due to rising raw material costs, the second consecutive month of services acceleration may keep market expectations high, as the Bank of Japan is expected to whittle down its massive stimulus under new Gov. In February, the services producer price index, which measures the prices companies charge each other for services, increased 1.8% from a year earlier in the month, up from a 1.6% gain in January, BOJ data showed Monday.
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