Inflation data from Japan for October (& November, Tokyo)

National CPI 0.3% y/y for October,

  • expected 0.2%, prior was 0.0%

National CPI -0.1% y/y excluding Fresh Food

  • expected -0.1%, prior was -0.1%

National CPI excluding Food, Energy 0.7% y/y

  • expected 0.8%, prior was 0.9%

Tokyo CPI 0.2% y/y for November

  • expected 0.2%, prior was 0.1%

Tokyo CPI excluding Fresh Food 0.0% y/y

  • expected -0.1%, prior was -0.2%

Tokyo CPI excluding Food, Energy 0.6% y/y

  • expected 0.4%, prior was 0.4%


Note the negative CPI for 'core' inflation (thats the National CPI excluding Fresh Food), but the 'core-core' inflation (the National CPI excluding Food, Energy), which is the way most other developed economies measure 'core' inflation, is looking closer to the BOJ target at, coming in at +0.7% for October (national rate) and +0.6% for November in Tokyo.

The yen ... weaker by a tad. USD/JPY up a handful of points. Check out the household spending data (on this post) ... a big big miss, again, This data has been disappointing.

more to come


Don't forget, the Bank of Japan will publish its own CPI data at 0500GMT