Heads up for Japan inflation data due at the bottom of the hour (preview ICYMI)

Japanese national CPI data is due at 2330GMT

Headline - National CPI y/y,

• expected is 0.7%, prior was 1.1%

Core - National CPI y/y excluding Fresh Food

• expected is 0.8%, prior was 0.9%

'Core-core' - National CPI excluding Food, Energy y/y

• expected is 0.4%, prior was 0.5%

I posted a preview here yesterday: preview

For the yen, I suspect a very limited impact indeed, based on past experience. A topside surprise on inflation should see a benefit for the yen, while a downside is a yen negative. But ... yeah, not expecting any impact to be much.

We've had some data from Japan earlier this week - none of which supports an early BOJ exit from policy accommodation (and thus a contributor to yen weakness):

• Japan Q1 GDP recap - economy stinks for first time in 2 years
• Japan Core Machinery Orders for March: -3.9% m/m (vs. expected -3.0%)