Japanese inflation data was out earlier today, with excluding energy a big, big disappointment for the Bank of Japan

Data here: Japan inflation data: National headline CPI 0.7% y/y (vs. expected 0.8%)

  • (TL;DR … the gist of it: CPI excluding Food, Energy 0.2% y/y …. an order of magnitude below target)

Reuters have a recap up on it: Bank of Japan's inflation target dims as prices barely budge

  • "The figures must be pretty disappointing for the BOJ because the rise in inflation was due almost entirely to energy costs. Prices of other goods aren't rising much," said Yoshiki Shinke, chief economist at Dai-ichi Life Research Institute."Consumption isn't strong so companies are struggling to raise prices. While the BOJ likely won't ease policy, the hurdle for whittling down stimulus is quite high."

yep …