Treasury
3-MO 3.82% -1bp 6-MO 3.98% +1bp 1-YR 4.04% unch 2-YR 4.23% +1bp 3-YR 4.30% +1bp 5-YR 4.38% +1bp 7-YR 4.52% +1bp 10-YR 4.68% +1bp 20-YR 5.22% +1bp 30-YR 5.21% +1bp 3-MO 3.82% -1bp 6-MO 3.98% +1bp 1-YR 4.04% unch 2-YR 4.23% +1bp 3-YR 4.30% +1bp 5-YR 4.38% +1bp 7-YR 4.52% +1bp 10-YR 4.68% +1bp 20-YR 5.22% +1bp 30-YR 5.21% +1bp 3-MO 3.82% -1bp 6-MO 3.98% +1bp 1-YR 4.04% unch 2-YR 4.23% +1bp 3-YR 4.30% +1bp 5-YR 4.38% +1bp 7-YR 4.52% +1bp 10-YR 4.68% +1bp 20-YR 5.22% +1bp 30-YR 5.21% +1bp 3-MO 3.82% -1bp 6-MO 3.98% +1bp 1-YR 4.04% unch 2-YR 4.23% +1bp 3-YR 4.30% +1bp 5-YR 4.38% +1bp 7-YR 4.52% +1bp 10-YR 4.68% +1bp 20-YR 5.22% +1bp 30-YR 5.21% +1bp 3-MO 3.82% -1bp 6-MO 3.98% +1bp 1-YR 4.04% unch 2-YR 4.23% +1bp 3-YR 4.30% +1bp 5-YR 4.38% +1bp 7-YR 4.52% +1bp 10-YR 4.68% +1bp 20-YR 5.22% +1bp 30-YR 5.21% +1bp 3-MO 3.82% -1bp 6-MO 3.98% +1bp 1-YR 4.04% unch 2-YR 4.23% +1bp 3-YR 4.30% +1bp 5-YR 4.38% +1bp 7-YR 4.52% +1bp 10-YR 4.68% +1bp 20-YR 5.22% +1bp 30-YR 5.21% +1bp
US Treasury par yield curve · Jul 30 · Source: U.S. Treasury
Friday, July 31, 2026
U.S. Edition
MONEY & WORLD
Subscribe
Japan

Tokyo inflation quickened to 2.0 percent in July, and the largest single drag on it is a nursery fee that is now zero

Money & World
The Editorial Team ·
A close macro of short-grain white rice heaped on a wooden scoop, with loose grains scattered across the dark textured surface beneath it.
Photo: Suki Lee / Pexels

Sitting in the contribution table of Friday's Tokyo release is a line reading minus 100.0 percent.

Start with the headline. Japan's Statistics Bureau published the July consumer price index for the ku-area of Tokyo on Friday, the mid-month preliminary reading it puts out ahead of the national figure as a leading indicator. The index stood at 113.2 against a 2020 base of 100, up 2.0 percent on a year earlier and 0.4 percent on June after seasonal adjustment. June's annual rate was 1.7 percent.

Both of the measures the Bank of Japan watches moved up with it. Excluding fresh food, the index rose 1.9 percent against 1.6 percent in June, the fastest since January. Excluding fresh food and energy as well, it rose 2.0 percent against 1.9 percent, the fastest since March. A year ago those same two readings were 2.9 percent and 3.1 percent.

What is pushing, and what is pulling

Rent carried the most weight on the upside, contributing 0.29 points on a rise of 1.3 percent, with privately let rents up 1.7 percent. Eating out added 0.26 points and rose 4.6 percent, and inside that category restaurant sushi rose 20.0 percent. Prepared foods rose 3.8 percent, with boxed bento up 26.7 percent, and confectionery rose 5.4 percent. Fresh fish and shellfish rose 11.4 percent, tuna 15.4 percent, meat 5.2 percent and domestically produced beef 12.1 percent. Fresh vegetables rose 4.6 percent and tomatoes 8.8 percent. Commuter season tickets on JR rose 17.3 percent, and overseas package tours 7.0 percent.

Then there is the other direction, and it is one item.

The release records nursery school fees at minus 100.0 percent over the year, taking 0.46 points off the headline rate on its own, and puts the miscellaneous sub-category containing them at minus 25.8 percent, worth minus 0.45 points. A price index cannot fall further than 100 percent. That reading means the surveyed fee is now nil. The Statistics Bureau states the number in its contribution table and offers no account of why it is what it is, so neither does this brief.

The document: Statistics Bureau of Japan, Consumer Price Index, Ku-area of Tokyo, July 2026 mid-month preliminary, 2020 base. The 12-page PDF was downloaded at 387,857 bytes, md5 891dc031d9a9df2181858dc5f1a79404, and its text extracted; the figures here are read off page 1 tables 1 and 2 and off the contribution breakdown on page 2. The file carries the release date 31 July 2026 in the Japanese imperial form. Note that this URL always serves the newest month, so a reader arriving after the next release will see a different file: the identifiers to match are the July 2026 mid-month preliminary designation and the 113.2 headline index..

More on Economics