Japan November CPI - all three inflation measures remain much higher than the BOJ target

Data for inflation in Japan in November 2023.

We get an early guide to the data each month with Tokyo area data for the month a few weeks beforehand.

While both core measures dropped under their levels reported in October, both are continuing to point to solid underlying inflation.

The ex. food core measure hit its lowest since July of 2022.

USD/JPY is little changed around 142.16, not a lot off its overnight low.

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The minutes coming up at 1850 US Eastern time are from the Bank of Japan's October meeting. The tweak at this meeting was to keep the 1% JGB yield ceiling as a point of reference.

The summary of the meeting was released early in November:

• BOJ October meeting summary - USD/JPY little changed in response

From the day of the meeting:

• The BOJ underdelivers once again

• Bank of Japan October 31 Statement - full text
• Bank of Japan Monetary Policy Statement: Changes language around 1% 10year JGB cap