Japanese inflation data

  • National CPI y/y for January, 0.4%, vs. expected 0.4%, prior was 0.3%
  • National CPI y/y excluding Fresh Food for January, 0.1%, vs expected 0.0%, prior was -0.2%
  • National CPI excluding Food, Energy y/y for January, 0.2% vs. expected is 0.2%, prior was 0.1%
  • Tokyo CPI y/y for February, -0.3%, vs. expected -0.1%, prior was 0.1%
  • Tokyo CPI excluding Fresh Food y/y for February, -0.3% vs. expected -0.2%, prior was -0.3%
  • Tokyo CPI excluding Food, Energy y/y % 0.0%

Also the data for:

  • Overall Household Spending y/y for January, -1.2%, a big miss on the expected of -0.4%, prior was -0.3%
  • Jobless Rate (January), 3.0%, vs. expected 3.0%, prior was 3.1%
  • Job-To-Applicant Ratio for January, 1.43, vs. expected 1.44, prior was 1.43
As is so often the case with Japanese data, little movement on the yen in the immediate aftermath, a handful of points if that.

On the inflation data, the "National CPI excluding Food, Energy" is the closest equivalent measure to "core" inflation measures used in the US. Its in at 0.2% on the month, which is something I suppose, but its well short of the 2% that is being targeted. (Pretty sure I write that every month, yeah?). The unkind will say its short by an order of magnitude after all this easing by the Bank of Japan. Unkind, but not inaccurate.