Japan data - Tokyo headline CPI for June 2.3% y/y (vs. expected 2.2%)

Inflation data for the capital is available well ahead of the national CPI data. This will be along in around 4 weeks.

Tokyo CPI 2.3% y/y,

• expected 2.2%, prior was 2.4%

Tokyo CPI excluding Fresh Food 2.1% y/y,

• expected 2.1%, prior was 1.9%

Tokyo CPI excluding Food, Energy1.0% y/y,

• expected 0.9%, prior was 0.9% (this measure of Japanese inflation is closest to the US 'core' CPI)

Bank of Japan Governor Kuroda is firmly in the transitory inflation camp, saying earlier this week that:

• Japan core CPI ... almost wholly due to international energy price increases

And:

• monetary policy will continue to be accommodative (same link as just above)

If you like low rates, Kuroda is your man: