2330 GMT Japan CPI data for
National CPI % y/y, expected 0.3%, prior was 0.5%
National CPI excluding Fresh Food % y/y, expected 0.6%, prior was 0.2%
National CPI excluding Food, Energy % y/y, expected -0.9%, prior was -1.1%. This CPI indicator is the closest to the US 'core' measure of inflation.
The BOJ target for core inflation is 2%. The Bank has been missing this for years and looks very unlikely to even come close for at least many months to come.
Later in the session we'll get the Bank of Japan monetary policy decision. No change to main policy is expected.
- short-term interest rate target at -0.1%
- 10-year bond yields target around 0%
The Bank may well warn of risks to the economic outlook ahead from the Russian war on Ukraine. The weak yen may get a mention. If not in the statement then definitely, I would think, at Bank of Japan Governor Kuroda's press conference later (0630 GMT). The falling yen is adding to price pressures on households, retailers and production inputs, by inflating the cost of already surging fuel and food imports.
There is no set time for the BOJ statement, but the 0230 to 0330 GMT time window is a good bet.
