Heads up for Japan inflation data today, due at 2330 GMT

Last week we got the
‘national’ CPI data for Japan in January. The stats people there
now release this data a week prior to they used to. Nice!

  • Japan (Jan.) headline inflation 1.4% y/y (exp. 1.3%) & core-core 0.4% y/y (exp 0.3%)

Today we get the
‘Tokyo’ inflation data, but for February — i.e. the Tokyo data
is published 3 weeks before the national result (national February
CPI will be out in 3 weeks).

The data is due at
2330 GMT

  • Tokyo CPI y/y for February, expected is 1.4%, prior was 1.3%
  • Tokyo CPI excluding Fresh Food y/y for February, expected is 0.8%, prior was 0.7%
  • Tokyo CPI excluding
    Food, Energy y/y for February, expected is 0.5%, prior was 0.4% 

The Bank of Japan
has an inflation target at 2% (ICYMI … they have had it for years
and have been missing it woefully for years). The target is for core
(excluding food and energy).

The Bank produce its own measure of
inflation:

  • Its intended to be a core measure, a guide to underlying inflation
  • Its latest trimmed mean CPI has risen to 0.8%y/y (January), to its highest since August 2014,
  • Weighted median CPI
    shows 0.2% y/y (measure for Q1)

The ‘Tokyo’
inflation data today is not expected to impact on the yen upon
release 

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