This is not nationwide CPI, its for Tokyo. This data comes out 3 weeks ahead of the national result, its used as a guide to national results, but is a little hit and miss.
CPI 0.8/% y/y
- expected 1.1% y/y, prior 1.5%
CPI excluding ex-fresh food 1.0% y/y
- expected 1.0% y/y, prior 1.0%
CPI excluding fresh food and energy (this is the one to watch) 0.6% y/y
- expected 0.6%, prior 0.6%
The jobs data is on a separate post, it showed the unemployment rate edging up a touch.
So, unemployment up, inflation down. Japan really needs to cut rates. :-D
OK, OK. I jest. But only a bit.
The headline result for Tokyo is under estimates, and well under the previous month. As I say, again and again, its the ex-food and energy measure that is the one to watch, and that is on point and unchanged on the month. And, this is only for Tokyo, not nationwide. Oh, and it is well, well under target, but that is nothing new.
If there is a yen implication its a negative. BOJ lower for longer (and longer, and longer and …. you get the picture).
