Japanese inflation data result for February (National) and March (Tokyo)
National CPI y/y for February, 0.3%
- expected is 0.3%, prior was 0.0%
National CPI y/y excluding Fresh Food for February, 0.0%
- expected is 0.0%, prior was 0.0%
National CPI excluding Food, Energy y/y for February, 0.8%
- expected is 0.8%, prior was 0.7%
Tokyo CPI y/y for March, -0.1%
- expected is 0.0%, prior was 0.1%
Tokyo CPI excluding Fresh Food y/y for March, -0.3%
- expected is -0.2%, prior was -0.1%
Tokyo CPI excluding Food, Energy y/y for March, 0.6%
- expected is 0.5%, prior was 0.5%
The "National CPI excluding Food, Energy" is more or less equivalent to the 'core' inflation measure used elsewhere. At 0.8% y/y its unchanged from the prior month and less than halfway to the 2% target the BOJ has set.
Here's how its developed:
The big bump to >2% was the impact of the sales tax hike and should be ignored for policy purposes, and taking that out there is an argument that core inflation is edging higher. Perhaps the gain for oil prices in the past couple of months will flow through in coming months. The BOJ (and other central banks struggling with low inflation rates) are thinking/hoping so
Oh yeah ... USD/JPY ... fuggedaboudit ... barely changed.
Here's a price update as at 2339GMT:
- -
And, still to come later today (due at 0500GMT) the Bank of Japan CPI.
It's a 'national' CPI excluding fresh food and energy:
- expected 1.1% y/y, prior 1.1% y/y
