Japan National headline CPI (July): 0.9% y/y (vs. expected 1.0%)

Its the core CPI (excluding food and energy) that is the item of interest for the Bank of Japan

• National CPI 0.9% y/y for July , expected 1.0%, prior was 0.7%
• National CPI 0.8% y/y excluding Fresh Food, expected 0.9%, prior was 0.8%
• National CPI excluding Food, Energy 0.3% y/y, expected 0.3%, prior was 0.2% This is the CPI closest to the US 'core' CPI

While headline inflation is a miss, the excluding food and energy hung in there. way below target, of course, so there will hardly be any high-fives at Club BOJ today on this.

Yen is (go on have a guess …) barely changed.