Japan July Domestic CGPI

• down 2.1% y/y (-1.5% survey , -1.3% prior ).
• down 0.4% m/m ( 0.1% survey , -0.6% prior).

Usd/Jpy unaffected at 78.60 level .

The 2.1 % annual fall was the biggest decline in 2-1/2 years and should be viewed as Yen positive.