National Japanese inflation data for the March 2018

Headline National CPI 1.1% y/y

  • expected 1.1%, prior was 1.5%

Core National CPI (excluding Fresh Food) 0.9% y/y

  • expected 0.9%, prior was 1.0%

'Core-core' National CPI (excluding Food, Energy) 0.5% y/y

  • expected 0.5%, prior was 0.5%

All coming in at expectations. The headline dropped hard from its previous month but both core and 'core-core' (core-core excludes both food and energy and is the closest equivalent to the measure used for US core inflation) have held steady (core a touch lower). The BOJ target is for core-core at 2% in a stable fashion - still way off target as you can see, and has been for many years.

Yen ... fuggedaboudit ... little change on the release

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For background on today's CPI release check these out: