We had the Tokyo area January CPI data here:
Japan data - Tokyo inflation for January 2023. Headline 4.4% y/y (prior 4.0%)
Headline, core, and core-core, all three were:
- above December readings
- and above median consensus expectations
Tokyo area inflation for the month precedes nationwide data for inflation by around three weeks and is a bit of a guide. If these results are duplicated at the national level it'll be another used to argue for BOJ exit.
The Bank of Japan have been insisting, over and over again, that inflation is transitory. Analysts at the Bank expect it to begin to fall from September/October. September/October looks a long way off!
USD/JPY dipped on the data release (in the minute leading up to it too ... suspicious!):
