We will get the national Japanese inflation data for July in 3 weeks, for now this heads up for Tokyo area CPI
Tokyo headline CPI 0.9% y/y
- expected 0.7%, prior was 0.6%
Tokyo CPI excluding Fresh Food 0.8% y/y
- expected 0.7%, prior was 0.7%
Tokyo CPI excluding Food, Energy 0.5% y/y <-- the one to watch
- expected 0.4%, prior was 0.4%
- this is the 'core-core', the closest to US core inflation
- this is only for Tokyo, not national, nevertheless its heading in the BOJ and admin's desired direction although well short of the 2% target
Perhaps a very marginal yen positive.
Mandatory ForexLive health warning: Do not hold your breath waiting for 2% inflation to be hit.
