Fed's Goolsbee said wages are not a good leading indicator of inflation.

On the 24th, Prime Minister Takaichi accepted proposals from the ruling LDP and Nippon Ishin to revise Japan’s three security documents. The government plans a formal cabinet revision by year-end and, following LDP guidance, will propose raising defense spending. The LDP offered no explicit target but asked officials to study NATO peers that aim for about 3.5% of GDP. Nippon Ishin called for defense spending above 2% of GDP by FY2026 and urged a realistic review of the Three Non‑Nuclear Principles’ no‑introduction clause, pressing for the prompt acquisition of nuclear submarines.

The fourth Chain Expo was held in Beijing June 22–26. Japan sent the largest number of Asian delegations, dispatching 10 economic groups to China, including Keidanren (Japan Business Federation), the Japan Chamber of Commerce and Industry and the Kansai Economic Federation. Keidanren is Japan’s largest and most influential comprehensive business group, with core members spanning leading firms across sectors; the Japan Chamber is one of the country’s largest nationwide business organizations; the Kansai federation represents the Kansai region, Japan’s second-largest economic area. Collectively the 10 delegations cover broad segments of Japan’s corporate network.