Japan inflation data due Friday - preview

Coming up on Friday 19 May from Japan, national CPI data for April

Due at 2330GMT (18 May)

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%

Via Daiwa:

The advance report for the Tokyo region provides a good guide as to what to expect.

• Sharply lower fresh food prices will place significant downward pressure on headline inflation from the 1.1%Y/Y pace reported last month.
• But more importantly, it seems likely that the core measures will also move lower.
• .... expect the BoJ's 'forecast' core measure (i.e. excluding fresh food) to edge down 0.1ppt to a six-month low of 0.8%Y/Y, while the BoJ's preferred measure of core inflation (i.e. excluding fresh food and energy) will likely slip at least 0.1ppt from the 0.5%Y/Y pace reported in March.