Tokyo's core CPI rose by 2.9% year-on-year in July, supporting the Bank of Japan's interest rate hike path as inflation cools down.

According to the Wise Finance and Economics APP, the latest data released by the Japanese Ministry of Internal Affairs and Communications on Friday showed that the consumer price index in the Tokyo area (excluding fresh food) rose by 2.9% year-on-year in July, which was a decrease of 0.2 percentage points from June's 3.1%. This is the first time the index has fallen below the 3% mark since March of this year.