Japan inflation data today ICYMI - Tokyo prices rose at the fastest pace in nearly 8 years

The data is here:

• Japan inflation - Tokyo area headline CPI for August 2.9% y/y (expected 2.5%)

The core CPI figure (core is excluding fresh food) rose at its quickest in nearly 8 years (since October 2014).

Taking out energy along with fresh food the rise was more subdued, at 1.4% y/y. This is higher than it was in July, at 1.2%.

The Bank of Japan have repeated, time and again, that it sees current levels of inflation as transitory and thus no need to tighten its ultra-loose monetary policy. An official from the Bank repeated the message again this week:

• BOJ's Nakamura: It is premature for BOJ to tweak dovish forward guidance now

• More from BOJ's Nakamura - Japanese inflation levels are not yet sustainable
• BOJ's Nakamura - says the Bank must patiently maintain powerful monetary easing

USD/JPY has moved a little higher during the session despite the inflation numbers: