Japanese inflation data ahead of the Bank of Japan announcement due later

National CPI y/y for June, -0.4%

  • expected -0.4%, prior was -1.1%

National CPI y/y excluding Fresh Food for June, -0.5%

  • expected -0.4%, prior was -0.4%

National CPI excluding Food, Energy y/y for June, 0.4%

  • expected 0.5%, prior was 0.6%

Tokyo CPI y/y for July, -0.4%

  • expected -0.5%, prior was -0.5%

Tokyo CPI excluding Fresh Food y/y for July, -0.4 %

  • expected -0.4%, prior was -0.5%

Tokyo CPI excluding Food, Energy y/y for July, 0.3%

  • expected 0.3%, prior was 0.4%

-

What jumps out is the:

National CPI excluding Food, Energy y/y for June, 0.4%

  • expected 0.5%, prior was 0.6%

(This excluding Food, Energy is referred to as the' core-core' inflation rate, its very similar to the 'core' inflation rate used in the US)

A miss, and below previous result, and still far, far from the Bank of Japan's 2% target.

Not good news for the Bank of Japan, and it boosts the chances we will see more easing from them today