According to CoinMeta, inflation in Japanese corporate services accelerated in July. Data released on Wednesday showed that a key indicator of inflation in Japan's service sector rose year-on-year in July, further supporting the Bank of Japan's previous view that a tight labor market is forcing companies to pass on rising costs to consumers. The Bank of Japan's data indicated that the Corporate Services Price Index, which tracks prices of services traded between companies, rose by 3.6% year-on-year in July, compared to a revised 3.4% increase in June. This data further confirms signs of increasing inflationary pressures in the economy, providing more justification for a potential interest rate hike in the short term.