Japan's government economic adviser Nagase said he personally favors a June rate hike, warning that delaying it would cause excessive yen depreciation and harm households.

A private member of Japan’s Council on Economic and Fiscal Policy said the Bank of Japan should continue raising rates at a moderate pace, ideally every six months, to correct excessive yen depreciation. He said that pace would not harm domestic investment and expects the BOJ to hike at year-end, again in summer next year, then pause. He added he personally regards a June hike as appropriate, warning that delaying would risk further yen weakness and hurt households.

US EIA implied crude oil demand for the week to June 26: 19.628 mln bpd, prior 20.259 mln bpd.