Japan’s Producer Price Index (PPI) rose +0.3% MoM in September 2025, maintaining steady growth from August and reflecting broad stability in domestic input costs, while both export and import prices increased slightly on a contract currency basis.

• PPI: +0.3% MoM and +2.7% YoY, with prices excluding summer electricity charges also up +0.3% MoM. This is the strongest monthly increase since April.
• Export Price Index (contract currency basis): +0.1% MoM (-0.2% YoY), continuing a modest upward trend as yen-based export prices rose +0.4% MoM.
• Import Price Index (contract currency basis): +0.1% MoM (-3.2% YoY), with the yen-based measure up +0.3% MoM, showing mild import cost recovery amid a softer yen.
• Agriculture, forestry & fishery products jumped +5.8% MoM (+30.5% YoY), continuing strong commodity-driven gains.
• Nonferrous metals rose +2.2% MoM (+9.6% YoY), the strongest gain among segments and one of the main contributors to PPI growth.
• Textile products (+1.3% MoM) and lumber (+0.1% MoM) also strengthened, while chemicals (-0.1% MoM) and metal products (-0.6% MoM) softened slightly.
• Energy-related categories were mixed: petroleum & coal products rose +0.6% MoM (-1.8% YoY), while electric power, gas & water fell -0.7% MoM (+0.7% YoY).
• The foreign exchange rate averaged ¥148.0 per USD, showing a slight yen depreciation (+1.0% MoM), which supported the increase in yen-based trade prices.
• Overall, September’s data indicate stable producer prices and mild trade cost recovery, with commodity-linked and energy categories providing much of the monthly variation.