Japan's December PPI came in at 2.4% year-on-year, matching forecasts—but there's a wrinkle. The month-on-month reading? Just 0.1%, falling short of expectations and cooling from November's pace. This softening in sequential momentum hints at moderating inflationary pressure heading into the new year. For traders eyeing macro factors and their potential ripple effects on risk assets, it's worth tracking whether the Bank of Japan takes note. Energy costs and supply chain dynamics remain key drivers to watch in the months ahead.