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).