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
- 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
- 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)
inflation data today is not expected to impact on the yen upon