In July, Japan experienced record highs in broad price trends, indicating a retreat from ultra-loose monetary policy.

The BOJ monitors inflation measures based on government consumer price data to determine if price increases are due to fuel or broadening enough to sustain its 2% inflation objective.

The “trimmed mean” index gained a record 3.3% in July, while the “mode” index rose 3.0%, above the 2% objective for six straight months.

Japan’s annual core consumer inflation fell to 3.1% in July, but remained above the BOJ’s target for the 16th straight month.

The BOJ noted “signs of change” in business pricing and wage-setting that could sustain its price goal.

Governor Kazuo Ueda has vowed to maintain ultra-loose monetary policy until recent cost-driven price spikes become sustained inflation driven by domestic demand and rising salaries.