Japan's wholesale inflation has slowed down for the fourth month in a row

The Japanese data is here from earlier:

• Japan data - July PPI +0.2% m/m (expected +0.2%) & +2.6% y/y (expected +2.5%)

The PPI is also known as the corporate goods price index (CGPI). It measures the price companies charge each other for their goods and services. That 2.6% y/y is the fourth straight month of slowing wholesale level inflation

• the yen-based import price index fell 10.4% y/y, after a 12.2% fall the previous month

At the margin the data diminished the case for a near term Bank of Japan rate hike.

USD/JPY is little changed around 147.77.

Japanese stocks continue to gain:

• Japan's two benchmark stock indexes, Niklkei and Topix, both hit a new record high today