Japan's average retail price for regular gasoline rose to 170 yen per liter, while the government is considering reducing subsidies by raising its target price to around 175 yen after the peak travel season.
Tokyo stocks rose on July 23, with the Nikkei 225 closing at 66,422.60, up 307.00 points, as investors bought back semiconductor and artificial intelligence-related shares despite renewed concern over the yen’s weakness near 40-year lows and oil prices driven higher by Middle East tensions.
Retail prices for imported beef and pork in Japan have climbed to their highest levels on record, driven by the weak yen and tighter overseas supplies.
Japan's finance minister signaled the government is prepared to intervene in the foreign exchange market after the yen briefly weakened into the 163 range against the dollar, its lowest level in about 40 years.
The hacker group known as RansomHouse has claimed responsibility for a cyberattack on frozen food giant Nichirei that delayed shipments and disrupted restaurants and supermarkets across Japan.
Japanese companies and the government are stepping up efforts to develop domestically produced humanoid robots as Chinese manufacturers dominate the rapidly expanding physical AI market, with Nvidia CEO Jensen Huang predicting that the next industrial revolution will take place in Japan.
Tokyo stocks ended mixed on July 22, with the Nikkei 225 closing at 66,115.60, down 116.59 points, or 0.17%, as early buying in semiconductor and artificial intelligence-related shares faded in the afternoon while a weaker yen and higher oil prices kept inflation concerns in focus.
The yen weakened beyond 163 to the dollar as fears of a further deterioration in the Middle East fueled safe-haven demand for the U.S. currency, pushing Japan's currency to its lowest level in about 39 and a half years.