The headline is the National CPI for October, check out more detail below

National CPI y/y for October, 0.1% y/y ... beat

  • expected 0.0%, prior -0.5%

National CPI y/y excluding Fresh Food for October, -0.4% y/y ... in line

  • expected -0.4%, prior -0.5%

National CPI excluding Food, Energy y/y for October, 0.2% y/y (this is close to the US measure of 'core' inflation) ... beat

  • expected 0.1%, prior 0.0%

Tokyo CPI y/y for November, 0.5% y/y ... beat

  • expected 0.2%, prior 0.1%
  • Tokyo CPI is available a month earlier than the National CPI

Tokyo CPI excluding Fresh Food y/y for November, -0.4% ... in line

  • expected -0.4%, prior -0.4%

Tokyo CPI excluding Food, Energy y/y for November, 0.0% ... in line

  • expected 0.0%, prior 0.1%

On balance slightly better than expected. Some of the readings in line with expectations, some are higher, none are lower. So, slightly better news for the BOJ and administration.

But ... well ... not great, not close to target at all.

The "National CPI y/y excluding Fresh Food" is often referred to as 'core' inflation. And that's -0.4% y/y for the month ... still deflation. And, that's 8th consecutive month of declines fo this.

The "National CPI excluding Food, Energy" is often referred to as core-core ... and well at least that's not showing deflation. In at +0.2% y/y which is higher than expected and higher than the previous month.

I'm starting to see 'uptick' headlines from some of the analysts etc. I guess we'll take any good news we can get.

Yen response ... nearly zero, but that's not unusual.

The low inflation readings keep the pressure on the Bank of Japan. There will be no slackening in the will to keep policy loose for quite some time to come.

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Later today, due at 0500GMT, we get the Bank of Japan's own CPI measure. It's a 'core' inflation reading, excludes fresh food and energy.

  • For October
  • expected +0.3%, prior +0.2% y/y

I know, I know ... you're so excited you won't be able to sleep! Me too.