Japan Unemployment Rate Drops, Consumer Prices Rise

Japan's jobless rate dropped, while consumer prices rose in May. According to the Ministry of Internal Affairs, the unemployment rate dropped to 4.5%, from 4.7%in April. However, economists expected the rate to stay at 4.7%. The ministry reported that the core consumer price index for May surged 0.6% year- on -year, or 0.1% from April. Economists expected the core CPI to increase 0.5% year-on-year. The overall CPI increased 0.3% y/y, or 0.1% from April.