Japan’s September Services Producer Inflation Hits 3.7% as Labor‑Cost Growth Slows, Ahead of BOJ Decision

Japan’s September services producer inflation rose to 3.7% year‑over‑year, up from the revised 3.5% in August, according to the Bank of Japan’s preliminary release. The rate excluding international transport remained steady at 2.9%, while the high‑labor‑cost services index eased to 2.6% from 2.7%. Ocean freight added 0.2 percentage points to the overall acceleration. The BOJ’s October 30 policy meeting will weigh these mixed signals—higher overall services inflation but slower labor‑cost‑driven growth—alongside wage data showing a 3.8% rise in scheduled cash earnings in August. The outcome will influence yen borrowing costs and the broader risk‑asset environment, including Bitcoin funding conditions.