Japan CPI data for May: Headline inflation 0.7% y/y, in line with expected

Japanese national inflation data

Japan National CPI (May) Headline 0.7% y/y

• expected 0.7% y/y, prior 0.9%

CPI excluding fresh food 0.8%

• expected 0.7%, prior 0.9%

CPI excluding fresh food and energy 0.5%

• expected 0.5%, prior 0.6%

You'll note those two core measures (the excl. food & energy is the closest to US core CPI) are both down from April.

You'll also note the minimal immediate impact of the data on the yen. Which is usual.