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Japan's producer prices fall further in July

Japan's producer price index declined further in July with a 0.6% year-over-year drop, after unexpectedly falling 0.1% in June, preliminary data from the Bank of Japan showed.

July's reading missed the Econoday consensus estimate of a 0.1% annual growth in the producer prices.

Prices of petroleum and coal products dropped 8.2% annually in July, while electric power, gas and water prices climbed 3.9%. Textile product prices rose 1.4% year over year in July, while prices of scrap and waste dropped 19.9%.

Export prices fell 4.7% year over year in July, following a revised 4% drop in the previous month, while import prices decreased by 8.1%, after a revised fall of 5.6% in June.

On a monthly basis, Japan's producer prices stalled in July, after falling 0.5% in June, as opposed to the Econoday consensus estimate of another 0.5% drop.