Japan inflation data for June (national, July for Tokyo)

National CPI y/y for June, +0.4%

  • expected 0.3%, prior was 0.5%

National CPI y/y excluding Fresh Food for June, 0.1%

  • expected 0.0%, prior was 0.1%

National CPI excluding Food, Energy y/y for June, 0.6%

  • expected 0.2%, prior was 0.2%

Tokyo CPI y/y for July, 0.2%

  • expected 0.2%, prior was 0.3%

Tokyo CPI excluding Fresh Food y/y for July, -0.1%

  • expected 0.0%, prior was 0.1%

Tokyo CPI excluding Food, Energy y/y for July, 0.3 %

  • expected 0.2%, prior was 0.2%

(Tokyo CPI data is available a month earlier than the National CPI)

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On the whole, the CPI measures coming in a little higher (than expected)

Will be welcome news for the Bank of Japan and administration

Still a (long) ways to go, though

The 'core-core' national rate (at 0.6%) will be very welcome. This is similar to the 'core' rate used in the US, i.e. excluding food and energy.

The 'core' Tokyo rate will be a note of concern, though - it's the first y/y negative since April of 2013

more to come