Tokyo area headline CPI in March 3.3% y/y

  • expected 3.2%, prior 3.4%

Tokyo CPI excluding Fresh Food 3.2% y/y,

  • expected 3.1%, prior was 3.3%

Tokyo CPI excluding Food, Energy 3.4% y/y,

  • expected 3.2%, prior was 3.1% (this measure of Japanese inflation is closest to the US 'core' CPI)

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National level CPI data for March will follow in about three weeks, it takes longer to gather and collate the national data.

  • Tokyo CPI is a sub-index of the national CPI It measures the change in prices of goods and services in the Tokyo metropolitan area
  • Its considered a leading indicator of national CPI trends because Tokyo is the largest city in Japan and is a major economic hub
  • Historically, Tokyo CPI data has been just slightly higher than national Japan CPI data. The cost of living in Tokyo is a touch higher than in most other parts of Japan. Higher rents, for example

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Bank of Japan Governor Ueda 30 March 2023

Incoming Bank of Japan Governor Ueda