Its the core data that is going to be of more interest
National CPI 0.7% y/y … under median estimates
- expected 0.8%, prior was 0.7%
CPI excluding Fresh Food 0.8% y/y … comes in line with estimates, Kuroda won't be happy, its still well short of 2%, but at least it didn't fall like the headline did
- expected 0.8%, prior was 0.7%
CPI excluding Food, Energy 0.2% y/y …. hmmmm … OK, off that, Kuroda will be sad. Well below estimates, an order of magnitude below target. If you are in Tokyo and happen to be on the footpath outside the BOJ, please watch out for falling chairs being thrown through windows
- expected 0.4%, prior was 0.3%
Well, look at the core-core …. not good at all for the admin and BOJ. The implications is of course no early exit from current very easy mon policy. The 'core' (the middle one above, which exclude fresh food but keeps in energy is lookin' OK … but that is the impact of higher oil pricing.
