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%