Tokyo area CPI data for February 2024 has risen much higher than in January. This will renew chatter of a near term Bank of Japan policy tightening. The Bank next meets on March 18 and 19. April (the meeting is on the 25th and 26th) is currently seen as more likely for a move.
Headline CPI 2.6% y/y
- prior 1.8%
Excluding Fresh Food YY 2.5%
- expected 2.5%, prior 1.8%
Excluding Fresh Food & Energy 3.1% (slowest since February 2023for this core-core measure)
- expected 3.1%, prior 3.3%
Still to come today from Japan:
****
Tokyo area inflation data:
- National-level CPI data for this month 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
Tokyo
