CPI data from Japan
National CPI 0.2% y/y,
- expected 0.2%, prior was 0.3%
National CPI excluding Fresh Food 0.8% y/y (referred to as 'core' inflation)
- expected 0.8%, prior was 0.7%
National CPI excluding Food, Energy 0.4% y/y (referred to as 'core-core' inflation)
- expected 0.4%, prior was 0.3%
The CPI excluding Food, Energy is closest to the US measure of core inflation, the BOJ target is 2%. As you can see, a long way under. And if you've been following along its been a long way under for many years. Add in also now signs of a deterioration the economy, slowing global trade and rising US-China trade tensions (recent talks notwithstanding) are dragging don export performance and business confidence.
Only this week we had BOJ Governor Kuroda raising the prospect of further easing.
more to come
