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Japan January CPI: 0.0% y/y (0.0% expected)

Inflation data from Japan, headline, core, core-core - national and Tokyo

National CPI for January, 0.0% y/y

  • expected 0.0%, prior +0.2%

Core inflation: National CPI excluding Fresh Food 0.0% y/y

  • expected 0.0%, prior was 0.1%

Core-core inflation: National CPI excluding Food, Energy 0.7% y/y

  • expected 0.7%, prior was 0.8%

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And, for Tokyo, where inflation data is available a month earlier than for the 'national'

Tokyo CPI for February 0.1% y/y

  • expected -0.3%, prior was -0.3%

Tokyo CPI excluding Fresh Food -0.1% y/y

  • expected -0.2%, prior was -0.1%

Tokyo CPI excluding Food, Energy 0.5% y/y

  • expected 0.4%, prior was 0.4%

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Plenty to disappoint in this data and I expect we won't get Bank of Japan (BOJ) Governor Kuroda appearing in parliament today as he is likely already well on the way drowning his sorrows at a bar somewhere.

OK, so plenty to disappoint, anything to cheer the Japanese administration? 'Core-core' inflation, or what would be referred to as 'core' inflation in most other developed economies (i.e excluding food and energy) has come in at 0.7% nationally, and 0.5% for Tokyo (the Tokyo figure is above expected and above the prior). So there is that. Still, the pressure on the Bank of Japan to hit 2% remains very much on, still a long way from target after many years of QQE.

more to come

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Still come, due at 0500GMT the Bank of Japan's own own inflation measure (their measure excludes fresh food & energy):

  • expected is +1.2% and prior was +1.3%

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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