Global Market: Japan's core inflation picks up in June; BOJ rate outlook keeps markets on edge

Japan's core consumer price index rose 1.6% year-on-year in June, quickening from 1.4% in May, matching market expectations. The Bank of Japan is widely expected to keep interest rates unchanged at its upcoming policy meeting, though persistent yen weakness and a 7.1% surge in wholesale inflation keep upside inflation risks on the central bank's radar. Rising energy costs and yen depreciation to multi-decade lows are expected to feed through to consumer prices later this year.