Japan Tokyo 'headline' CPI for August 1.2% y/y (vs. expected 1.0%)

This is Tokyo area CPI, we'll get the 'national' August CPI in 3 weeks

Tokyo CPI 1.2% y/y

• expected 1.0%, prior was 0.9%

Tokyo CPI excluding Fresh Food 0.9% y/y

• expected 0.8%, prior was 0.8%

Tokyo CPI excluding Food, Energy 0.6% y/y

• expected 0.5%, prior was 0.5%

Each one of the measures comes in above the previous month's reading and also above the median consensus estimate. While all three are well below the BOJ target (which is for national anyway, not just Tokyo), and at 0.6% the 'excluding Food, Energy' (i.e. the closest to the US measure of core inflation) at least they are moving in the desired (by the BOJ and admin) direction.

Moving in the right direction = yen positive

Still way below target = yen negative

Take yer pick.