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%).