Japan January inflation data still way below target - recap

The inflation data, both headline and core, is here:

• Japan CPI data for January, headline inflation 0.7% y/y (expected 0.7%)

Reuters have a piece up that is a good summary of more than just the data released earlier, The main points:

• inflation picked up only slightly … keeping the Bank of Japan under pressure to maintain its massive monetary stimulus
• fragile economy saddled with weak growth and prices
• world's third-largest economy … grapples with a coronavirus outbreak and weak growth
• BOJ Governor Haruhiko Kuroda has said he would consider additional easing if the coronavirus outbreak significantly threatens Japan's economy and inflation, calling the flu-like virus the "biggest uncertainty" for the economy
• The Japanese economy shrank an annualised 6.3% in October-December, the biggest drop in nearly six years
• domestic demand took a hit from the tax hike, typhoons and a warm winter