Japan data - Tokyo area headline CPI 3.5% y/y (expected 3.1%)

Tokyo CPI 3.5% y/y,

• expected 3.1%, prior was 3.3%

Tokyo CPI excluding Fresh Food 3.5% y/y,

• expected 3.2%, prior was 3.2%

Tokyo CPI excluding Food, Energy 3.8% y/y, highest since April 1982

• expected 3.5%, prior 3.4%
• this measure of Japanese inflation is closest to the US 'core' CPI

These are high readings. The Bank of Japan keeps telling us they expect inflation to be transitory. That's what the Fed and others were saying too and it didn't work out so well.

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Coming later from Japan, the Bank of Japan decision, previews:

• Bank of Japan monetary policy decision due today - preview ("target 128 for end of Q2")

• Preview - BOJ decision due Friday, 28 April 2023: "cannot fully rule out a change" in YCC

• BOJ meet this week - preview - YCC to be abandoned but not until July
• BOJ meeting preview - Deutsche Bank expect a policy revision, 3 scenarios
• Has BOJ Gov Ueda dismissed any change to YCC at this week's policy meeting? Looks like it

• BOJ meeting this week - preview - the BOJ may move on a 5-year JGB target option