Tokyo November CPI data: Headline 3.8% y/y (October was 3.5%)

The Bank of Japan have been adamant in their view rising inflation is transitory. The Bank expects it will begin to fall from the middle of the next fiscal year. The next fiscal year begins on April 1.

• CPI growth will fall under 2% next fiscal year as cost-push factors taper off

more to come

Core CPI (3.6% in November) has risen at its fastest since April of 1982.

The excl food and energy (at 2.5%) is closest to US core CPI.