Tokyo inflation data for January, CPI headline 0.6% y/y (vs. expected 0.7%)

CPI data from Japan, this the Tokyo area CPI which is released 3 weeks ahead of the national figures and serves as a bit of a guide.

Tokyo CPI 0.6% y/y

• expected 0.7%, prior was 0.9%

Tokyo CPI excluding Fresh Food 0.7% y/y

• expected 0.8%, prior was 0.8%

Tokyo CPI excluding Food, Energy 0.9% y/y

• expected 0.9%, prior was 0.9%

I would say this is a disappointment for the BOJ - despite the sales tax hike that should push up the CPI number it is not really. A miss for the headline and ex-food.

The BOJ won't be that disappointed though. Expectations for inflation at the bank have been beaten out of them.