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The data comes hours before the Bank of Japan (BOJ) concludes its two-day policy meeting that began on Thursday. While government subsidies pushed down utility bills, prices rose for a range of food and daily necessities in a sign that steady inflation was taking hold in the world's third-largest economy. "The persistent stickiness of inflation means the BOJ will need to revise up their inflation forecasts at its October meeting," said Gabriel Ng, an economist at Capital Economics. After hitting a peak of 4.2% in January, core inflation continued to slow as the effects of last year's sharp rises in fuel and raw material prices dissipate. But some analysts say the slowdown has not been as large as expected due to steady rises in food prices, and could keep inflation above the BOJ's target longer than initially thought.

Persons: Kazuo Ueda, Gabriel Ng, Ueda, Leika Kihara, Shri Navaratnam, Sam Holmes Organizations: Bank of Japan, Capital Economics, Thomson Locations: TOKYO

Japan's gross domestic product (GDP) expanded an annualised 4.8% in April-June, against a preliminary estimate of 6.0% growth. The revised reading compared with a median market forecast for a 0.7% decline. Private consumption, which makes up more than half of the economy, fell 0.6% quarter-on-quarter in the April-June period, compared with a preliminary 0.5% decline. Exports remained solid for now with net external demand contributing 1.8% points to GDP growth, unchanged from the preliminary reading. Japan's economy has seen a delayed recovery from the COVID-19 pandemic's scars this year, as rising living costs faltering global demand cloud the outlook.

Persons: Yoshifumi Takemoto, Sam Holmes Organizations: Bank of Japan, Thomson Locations: TOKYO

Summary Tokyo July core CPI rises 3.0% yr/yr vs f'cast +2.9%Tokyo core inflation stays above BOJ's 2% targetInflation excluding energy accelerates in JulyData comes ahead of closely watched BOJ meeting outcomeTOKYO, July 28 (Reuters) - Core inflation in Japan's capital slowed in July but remained well above the central bank's 2% target, data showed on Friday, keeping pressure on policymakers to dial back ultra-loose monetary policy. The data for Tokyo, which is seen as a leading indicator of nationwide trends, comes ahead of the Bank of Japan's closely watched policy decision due later in the day. While the gain was slower than a 3.2% rise in June, Tokyo core inflation stayed above the central bank's 2% target for the 14th straight month. The dollar dipped slightly to around 139.03 yen after the release of the Tokyo inflation data. Reporting by Yoshifumi Takemoto and Leika Kihara; Editing by Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

Persons: Yoshifumi Takemoto, Sam Holmes Organizations: TOKYO, Bank of, Nikkei, Thomson Locations: Tokyo, Bank of Japan's

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