ECB President Lagarde said interest rates do not move in sync with energy prices; other factors, including growth and consumption, also play a role.

The Official Journal of the European Union says the EU will impose temporary safeguard measures on imports of electrical steel.

Bank of Japan raised policy rates by 25bp; vote 7-2 with two dissenters. BOJ said it will continue to raise rates as warranted by economic, price and financial conditions, with no preset timing or pace. Officials will monitor Middle East tensions, AI-driven demand and exchange-rate moves for their effects on growth and inflation. Outlook: economy seen as in a moderate recovery but not decisively strong. Inflation: expectations have edged up; wholesale inflation remains elevated from oil, FX and AI demand, raising the risk that underlying inflation could exceed the 2% target. Press briefing reiterated readiness to tighten further and that no specific measures or timetable are ruled out; committee differences are normal and current divergence of views is not a problem.