Japan CPI data out earlier - still bumbling along below BOJ target - recap

The Japanese inflation data for July 2018 is here from earlier:

• Japan National headline CPI (July): 0.9% y/y (vs. expected 1.0%)

A couple of recaps up about the place, worth checking out (they are quickies):

Reuters:

• "Consumer price gains remain driven by volatile fresh food and energy inflation while underlying inflation remains subdued," said Marcel Thieliant, senior Japan economist at Capital Economics.

Bloomberg:

• The effect of high energy prices is reaching its limit, said Hiroaki Muto, chief economist at Tokai Tokyo Research Center. "The amount of upward pressure it contributes will shrink from here." He sees inflation converging around 1 percent at full employment levels.

Yen is doing very little today. Ditto for pretty much everything though.