Japan inflation data for May - headline CPI 0.1% y/y (expected 0.2%)

Japan national CPI is (this is the regular reminder) way below the BOJ 2% target.

CPI 0.1% y/y

• expected 0.2%, prior was 0.1%

CPI excluding Fresh Food, -0.2% y/y

• expected -0.1%, prior was -0.2%

CPI excluding Food, Energy 0.4% y/y

• expected 0.4%, prior was 0.2%

The BOJ are chasing all sorts of targets right now, trying to hold together the economy in the face of the coronavirus economic impacts. Policy will remain loose for many, many years to come, which will remain a negative impact on the yen.