Due at 2330GMT - Tokyo inflation data for May

Tokyo CPI data is available earlier than the National CPI

Tokyo CPI y/y

  • expected 0.5%, prior
  • was 0.5%

Tokyo CPI excluding Fresh Food y/y

  • expected 0.6%
  • prior was 0.6%

Tokyo CPI excluding Food, Energy y/y

  • expected 0.3%
  • prior was 0.3%

Via Nomura:

  • We forecast an acceleration in core inflation in the May Tokyo-area CPI data
  • We forecast May Tokyo core CPI inflation to come in at 0.7% y-o-y, stronger than the April figure.
  • Growth in energy prices looks to have slowed in May again, but we forecast the overall core inflation rate to have gained momentum due to cost increases as a result of the growing labour shortage and an expected lull in the slowdown in core food prices seen in March and April.
  • We forecast CPI inflation excluding fresh food and energy (the BOJ's version of core core CPI) of 0.4% y-o-y, up 0.1 percentage points on April.

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