Japanese inflation data, national for December and Tokyo for January.

National CPI y/y for December, 0.2%

  • expected 0.2%, prior was 0.3%

National CPI y/y excluding Fresh Food for December, 0.1%

  • expected 0.1%, prior was 0.1%

National CPI excluding Food, Energy y/y for December, 0.8%

  • expected 0.9%, prior was 0.9%

Tokyo CPI y/y for January, -0.3%

  • expected 0.0%, prior was 0.1%, revised higher from 0.0%. High five BOJ!

Tokyo CPI excluding Fresh Food y/y for January, -0.1%

  • expected 0.1%, prior was 0.1%

Tokyo CPI excluding Food, Energy y/y for January, 0.4%

  • expected 0.6%, prior was 0.6%

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That's some pretty dreadful results right there.

Not to mention that terrible 'Overall Household Spending' data result

'National' inflation is pretty much on expectations ('cept for 'core-core, i.e. 'National CPI excluding Food, Energy'). The more timely 'Tokyo' inflation numbers are ALL below expected, and ALL below the prior month.

Don't forget, ladies and gentlemen, the BOJ target for inflation is 2%.

Not

Even

Close

I dunno what it'll take for more easing from the BOJ if this isn't bad enough.