Japan PPI

Data Prices

Source: Bank of Japan
Source Link: https://www.boj.or.jp/
Frequency: Monthly
Next Release(s): October 9th, 2025 7:50 PM

Latest Updates

Japan’s Producer Price Index (PPI) fell -0.2% MoM in August 2025, while the Export Price Index (contract currency basis) slipped -0.1% MoM and the Import Price Index was unchanged, reflecting deflationary pressures across trade and domestic costs.
- PPI dropped -0.2% MoM (+2.7% YoY), with the largest drag from electricity, gas & water (-0.22%), while declines in agriculture (-0.05%) and metal products (-0.03%) also weighed; petroleum & coal products (+0.05%) and transport equipment (+0.03%) provided modest support.
- Export prices (contract currency) fell -0.1% MoM (-1.1% YoY), led by weaker transport equipment (-0.08%), heavy oil and plastics (-0.07%), and chemicals (-0.04%); general-purpose and production machinery rose +0.14% MoM on stronger semiconductor equipment demand.
- Import prices (contract currency) were flat MoM (-4.6% YoY), as gains in machinery (+0.09%), petroleum/coal/natural gas (+0.07%), and transport equipment (+0.03%) were offset by declines in metals (-0.10%) and food-related imports (-0.06%).
- On a yen basis, export prices edged up +0.2% MoM but fell -0.3% YoY, while import prices rose +0.5% MoM but dropped -3.9% YoY, partly reflecting exchange rate effects.
- The foreign exchange rate averaged 147.7 ¥/$ in August, marking a slight monthly depreciation (-0.7% YoY change).
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Japan’s Producer Price Index (PPI) rose 0.2% MoM and 2.6% YoY in July 2025, down from 2.9% YoY in June and the lowest since August 2024. Excluding extra charges for summer electricity, PPI increased 0.1% MoM.
- The Export Price Index (contract currency basis) rose 0.3% MoM but fell -1.1% YoY; on a Yen-basis, it declined -5.4% YoY.
- The Import Price Index (contract currency basis) climbed 1.1% MoM and was down -5.1% YoY; the Yen-basis measure rose 2.4% MoM but fell -10.4% YoY.
- Key positive contributors to PPI: petroleum & coal products (+0.11%), electricity (+0.06%), and agriculture, forestry & fishery products (+0.04%).
- Negative contributors included production machinery (-0.02%) and iron & steel (-0.02%).
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Japan’s Producer Price Index fell -0.2% MoM in June 2025 but remained up 2.9% YoY, marking the second straight monthly decline amid falling energy-related prices.
- On a quarterly basis, PPI increased 0.6% QoQ in Q2, slowing from +1.0% QoQ in Q1.
- Export Price Index (contract currency basis) rose +0.1% MoM but was down -6.9% YoY; the Yen-basis measure rose +0.2% MoM and fell -6.1% YoY.
- Import Price Index (contract currency basis) dropped -1.6% MoM and -12.3% YoY; on a Yen-basis, it fell -1.7% MoM and -6.1% YoY.
- Key negative contributors to PPI: Petroleum and coal products (-0.30%), Electric power and gas (-0.09%), and Metal products (-0.01%).
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Japan’s Producer Price Index fell -0.2% MoM in May 2025 but was up 3.2% YoY (vs 3.5% YoY expected), marking the first monthly decline since August 2024.
- Export Price Index (contract currency basis) fell -0.9% MoM and -6.4% YoY, while the Yen-basis measure dropped -0.7% MoM and -6.4% YoY.
- Import Price Index (contract currency basis) declined -1.2% MoM and -10.3% YoY, with the Yen-basis version down -1.4% MoM and -11.1% YoY.
- The yen appreciated 0.2% MoM in May, the first appreciation since January.
- April figures were revised slightly higher for PPI (+0.3% MoM vs +0.2% MoM first estimate).
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Japan’s PPI increased 0.2% MoM and 4.0% YoY in April, down from 4.3% YoY in March and in line with expectations.
- Export prices fell -0.3% MoM and -0.4% YoY, the lowest in over a year.
- Import prices fell -0.6% MoM and -2.6% YoY, the lowest since December 2024.
- A weak yen, down -3.2% MoM, meant that in yen terms the export and import price declines were much worse, at -2.1% MoM and -2.9% MoM respectively.
- The largest moves within the subsegments of PPI include nonferrous metals (-2.0% MoM), iron & steel (-1.5% MoM), and chemicals (-1.4% MoM).
- On the other hand, electric power, gas, and water producer prices saw a 2.9% MoM increase, offsetting some of the weakness in commodity prices.
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Japan’s PPI increased 0.4% MoM (vs 0.2% MoM expected) and 4.2% YoY (vs 3.9% YoY expected) in March, increasing slightly from the February rate of 4.1% YoY.
- Export prices were up 0.2% MoM and 0.8% YoY, and in yen terms, they fell -0.7% MoM and were up 0.3% MoM.
- Import prices fell -0.2% MoM and -1.7% YoY, and in yen terms were down -1.6% MoM and -2.2% YoY.
- Prices for petroleum and coal products (+2.8% MoM) were the major reason for the rise in PPI.
- Textile products (+2.7% MoM) also saw a large increase, but that segment has one of the smallest weights.
- The largest decline was in PPI for production machinery, down -0.6% MoM but up 2.2% YoY.
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Japan’s PPI was unchanged on a monthly basis and up 4.0% YoY in February, in line with expectations of a 4.0% YoY increase and slower than 4.2% YoY in January.
- On a contract currency basis, export prices were up 0.5% MoM and 1.2% YoY and import prices were up 0.5% MoM but down -1.6% YoY.
- For PPI, a negative contribution from electricity and gas (-0.24 ppts) offset positive contributions from agriculture products (+0.10 ppts), food products (+0.05 ppts), and petroleum & coal products (+0.05 ppts).
- Nonferrous metals product prices continued to see one of the highest yearly increases at 13.6% YoY.
- Agricultural product prices have surged 39.4% YoY
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Japan’s PPI increased 0.3% MoM and 4.2% YoY in January, in line with expectations and up from 3.9% YoY in December.
- The annual rate is at the highest since May 2023.
- The Export Price Index (yen basis) grew 1.3% MoM and 4.5% YoY, and the Import Price Index grew 1.5% MoM and 2.3% YoY. Both were affected by a 1.8% MoM increase in the FX rate, signaling yen depreciation in January.
- Petroleum and coal productions accounted for most of the monthly change, contributing 0.18 ppts. Beverages & foods (0.07 ppts) and nonferrous metals (0.06 ppts) were the next largest.
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Japan’s PPI increased 0.3% MoM (vs 0.4% MoM expected) and 3.8% YoY (vs 3.8% YoY expected) in December, remaining at the highest annual pace since June 2023.
- Energy goods are the main reason for the rise in PPI, accounting for around 0.28 ppts of the monthly increase.
- On a yen basis, export prices fell -0.5% MoM but were up 4.5% YoY, and import prices fell -1.0% MoM and were up 1.0% YoY. The recover of the yen in Q4 has helped make traded goods less expensive for firms than they were after the weakening of the currency in Q3.
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