Producer prices in Japan climbed 0.6 percent on month in May, according to rttnews.

That topped expectations for an increase of 0.2 percent, which would have been unchanged from April following an upward revision from 0.1 percent.

On a yearly basis, producer prices jumped 2.7 percent - also exceeding expectations for 2.1 percent, which would have been unchanged from the previous month following an upward revision from 2.0 percent.

Export prices were up 1.1 percent on month and 2.4 percent on year, the bank said, while import prices jumped 2.7 percent on month and 6.5 percent on year.