Japan's CPI data from the Ministry of Internal Affairs and Communications, out now:
National CPI y/y for February, 2.2% y/y
- expected 2.3%, prior was 2.4%
National CPI y/y excluding Fresh Food for February, 2.0% y/y (this is the core reading, used by the BOJ)
- expected 2.1%, prior was 2.2%
National CPI excluding Food, Energy y/y for February, 2.0 % y/y
- expected 2.1%, prior was 2.1%
Tokyo CPI y/y for March, 2.3% y/y
- expected 2.3%, prior was 2.3%
Tokyo CPI excluding Fresh Food y/y for March, 2.2% y/y
- expected 2.2%, prior was 2.2%
Tokyo CPI excluding Food, Energy y/y for March, 1.7 % y/y
- expected 1.7%, prior was 1.7%
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Check out the bolded ... the National CPI for February ... comes in at 2.0% ... but note also ...
- The BoJ estimates that the April 1 tax hike added 1.7 percentage points to the core CPI data in April and 2 per cent thereafter.
Got that?
What's 2 - 2?
Yep - the measure of inflation used by the Bank of Japan is now flat ... zero ... zilch .
First time since May 2013 its been zeeeeeerrrroooooo
Oil price falls to blame, of course. The BOJ (well, Kuroda) has said its inflation expectations he is concerned about and that, so far at least, expectations haven;t declined. That's what he is saying, anyway. (I'm not gonna mention shifting the goalposts, but you may very well think that I suppose ;-) )
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USD/JPY is dribbling a few tics lower ... not much response as I update
