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

  • CPI -0.5% y/y, expected -0.1%, prior was 0.2%

  • CPI -0.5%y/y excluding Fresh Food, expected -0.5%, prior was -0.2%

  • CPI excluding Food, Energy -0.2% y/y, expected -0.2%, prior was 0.0%

There was a big impact on Tokyo-level inflation from government subsidised travel, the stats folks in Japan have also published the various CPIs with this impact removed, in order:

  • +0.2% y/y
  • +0.1%
  • +0.4%

Still a headache for BOJ Gov Kuorda