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.