BOJ official says yen-based import price index is at its highest since August 2008

Yesterday we had this:

• Senior BOJ official says inflation likely to accelerate

Today an official at the Bank of Japan is pointing out that its yen-based import price index, at 122.2, is its highest since August 2008.

A weak yen and surging energy prices will do that, yeah.

USD/JPY update. It gained after the 'high inflation' comment out of the BOJ yesterday. Talk of high inflation in Japan is not credible when you even take a quick look at the negative core CPI rate.