Tokyo April CPI ex fresh food +1.6% y/y vs +2.2% expected

• Prior was +2.4% y/y
• Overall Tokyo CPI 1.8% vs 2.6% prior
• Excluding food and energy 1.8% vs 2.3% prior
• Excluding food and energy % m/m vs +0.2% prior

This isn't what the Bank of Japan wanted to hear today. Inflation has come down rapidly and there isn't much justification for the Bank of Japan to take a hawkish stance.

This is the first reading below target since Sept 2022.