• 2330GMT National CPI y/y for August, +0.9% (expected 0.8%, prior was 0.7%)
  • 2330GMT National CPI y/y excluding Fresh Food for August, +0.8% (expected 0.7%, prior was 0.7%) – this is biggest y/y rise since November 2008
  • 2330GMT National CPI excluding Food, Energy y/y for August, -0.1% (expected -0.1%, prior was -0.1%)
  • 2330GMT Tokyo CPI y/y for September, +0.5% (expected 0.5%, prior was 0.5%)
  • 2330GMT Tokyo CPI excluding Fresh Food y/y for September, +0.2% (expected 0.3%, prior was 0.4%)
  • 2330GMT Tokyo CPI excluding Food, Energy y/y for September, -0.3% (expected -0.3%, prior was -0.4%)

On balance the data is on expectations. Note the ‘excluding food and energy’ is still showing deflation, so although the headline data is encouraging, this is still a concern for the BOJ and administration and could indicate the potential for more monetary easing.

USD/JPY is basically unchanged on the data, around 99.00