Japan June core CPI +2.7% y/yPrior +2.7%Japan June core-core CPI +2.0% y/yPrior +2.1%Just be wary though that in the case of the BOJ data set here, the core CPI estimate still includes energy but excludes fresh food and institutional factors. Meanwhile, the core-core CPI estimate also excludes energy from the equation. As such, the core-core CPI estimate is the more crucial one as it provides a better underlying picture of the inflation outlook.Taking that into consideration, core prices continuing to stay high is no surprise especially after the surge back up in March and April. For some context, the core CPI estimate fell from a peak of 3.0% in August last year to 2.2% in February this year. That before climbing back up to 2.8% in April and then dropping off slightly in May.As for core-core prices, that continues to reflect a slowdown since peaking at 3.6% in July last year. The 2.0% estimate in June also continues the downward trend and marks the lowest reading since July 2024. So, this might be a troubling spot in allowing the BOJ to fall back on the numbers here in trying to raise interest rates further.But for now though, at least the threat of the continued fallout from the Middle East conflict will help to push the narrative a little. However, it is again the "bad" type of inflation coming in with that being more cost-push inflation rather than what the BOJ wants i.e. wage price inflation.That being said, the trimmed mean estimate does show that price pressures are holding with the reading here being at 1.6%. That is a slight nudge higher from the 1.5% estimate in both April and May, but it only brings us back to the February and March levels. The estimate here had been holding above 2% from January to November last year before falling back below the key threshold and has been settling here since.All in all, it's not all too convincing a backdrop to necessitate the BOJ to rush to take action I would say. It just depends if policymakers want to spin it as the glass being half full or half empty. This article was written by Justin Low at investinglive.com.