Japanese inflation data, this the 'national' figure (Tokyo area Sep CPI was out a few weeks ago)

National CPI 1.2% y/y

  • expected 1.3%, prior 1.3%

National CPI y/y excluding Fresh Food 1.0% y/y

  • expected 1.0%, prior was 0.9%

National CPI excluding Food, Energy 0.4% y/y … unfortunately for the BOJ, the one to watch

  • expected 0.4%, prior was 0.4%
  • this is the inflation measure closest to US core CPI

Quite often I joke about cut and pasting the comments on Japanese inflation data …. well , today I will. This for the August 2018 data (last month)

Every month we see the core-core CPI (the bolded one above) well below its target rate. I, and I imagine everyone else, is getting sick of this being pointed out. And, you know what. so is the Japanese administration and BOJ. It is becoming an open secret that the BOJ is (in tiny baby steps) winding back its monetary stimulus despite missing target. This will continue.

Yeah ditto.

Yen. sheesh may as well cut and past this too - doing nothing

--

For background on this, preview here: