Japan January Headline CPI 0.5% y/y (expected 0.6%)

headline National CPI 0.5% y/y,

• expected 0.6%, prior was 0.8%

CPI excluding Fresh Food 0.2% y/y,

• expected 0.3%, prior was 0.5%

CPI excluding Food, Energy -1.1% y/y,

• expected -0.7%, prior was -0.7% (energy prices soaring, once they are removed from the headline CPI its another negative result)

• this measure of Japanese inflation is closest to the US 'core' CPI

Reminder, the Bank of Japan target for core inflation is 2%