Japan data - May 2021 Tokyo headline CPI -0.4 % y/y (vs. expected -0.5%, prior -0.6%)

Tokyo inflation data for May - Tokyo area CPI

(national level CPI for the month follows in three weeks).

• Tokyo CPI -0.4% y/y, expected -0.5%, prior was -0.6%

• Tokyo CPI excluding Fresh Food -0.2% y/y, expected -0.2%, prior was -0.2%

• Tokyo CPI excluding Food, Energy -0.1% y/y, expected -0.1%, prior was 0.0%

Other data out at the same time:

• Japan Unemployment rate for April 2.8% (expected 2.7%, prior 2.6%)

Yen response is barely noticeable. Overnight there was a huge move lower for the currency as US data improved and the UST-JGB bond spread widened. Chatter of further BOJ support was a factor also. Meanwhile BoE MPC member made a few hawkish comments that helped GBP surge, combine that with the USD/JPY motoring higher and GBP/JPY rocketed.