Japan CPI data for May: Headline 2.5% y/y (expected 2.9%)

Japan inflation data.

• National CPI 2.5% y/y, expected 2.9%, prior was 2.5%

• National CPI excluding Fresh Food 2.1% y/y, expected 2.1%, prior was 2.1%

• National CPI excluding Food, Energy 0.8% y/y, expected 0.4%, prior was 0.8% (this measure of Japanese inflation is closest to the US 'core' CPI)

We had the May data for Tokyo earlier:

• Tokyo CPI (May) headline 2.4% y/y (vs. expected 2.7%)

This should set up the next "no change" decision from the Bank of Japan in July. Sell yen.