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Japan’s Core Inflation Hits 40-Year High As Gold Takes a Dip Amid US Bond Yields Surge

Japan’s core consumer price index experienced a noteworthy climb from 3.1% to 3.4% on a year-over-year basis, harking back to the 40-year highs previously observed before the dip in the first quarter. This paints an increasingly pressurised landscape for the Bank of Japan, which could face mounting calls for a policy tightening within the year.


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The US dollar edged ever closer to a half-year high against the yen on Friday. This surge is attributed to the increasing yields of US Treasury bonds, spurred by uncertainties swirling around debt ceiling discussions in Washington, DC, which in turn raises the spectre of higher interest rates. Gold, which tends to move inversely to the dollar index and government bond yields, suffered a decline for the third consecutive day. However, analysts at UBS remain optimistic, projecting gold’s ascension to $2,100 by the close of 2023 and potentially reaching $2,200 per ounce by March 2024. The bank’s analysts continue to advocate for investors maintaining a share of the yellow metal in their portfolios.


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Latest Movements in the Stock Market

In the latest turns of the stock market:

🔺The Dow Jones Index (US30) experienced an upward move by 0.34%;

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🔺S&P 500 Index (US500) also saw a rise, going up by 0.94%;

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🔺NASDAQ Technology Index (US100) followed suit, with an increase of 1.51%;

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🔺German DAX (DE30) saw a jump of 1.33%;

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🔺And finally, the British FTSE 100 (UK100) rose slightly by 0.25%.

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“If I’d asked people what they wanted, they would have said faster horses.” – Henry Ford

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