According to CoinMeta, Japanese Minister of Economy, Finance, and Trade, Shigeru Machinami, the cost increases resulting from the conflicts in the Middle East have so far had a limited impact on consumer prices, and he expressed a relatively optimistic view on inflation risks. He noted that the overall Consumer Price Index (CPI) in June rose by 1.7% year-on-year, indicating that the increase in prices remains modest. Machinami added, "We indeed need to remain vigilant, as costs may gradually be passed on to food and other consumer goods prices from this summer through to autumn."