Japan May CPI: -0.4 % y/y (expected -0.5%)

1 July 2016, 05:53
Sherif Hasan

Japanese inflation data, National for May and Tokyo for June

National CPI  -0.4% y/y,

  • expected is -0.5%, prior was -0.3%

National CPI y/y excluding Fresh Food,  -0.4%

  • expected is -0.4%, prior was -0.3%

National CPI excluding Food, Energy +0.6% y/y ,   (this is closest to what we would think of as 'core' inflation in, for example, the US)

  • expected is 0.6%, prior was 0.7%

Tokyo CPI  -0.5% y/y

  • expected is -0.4%, prior was -0.5% (Tokyo CPI data is available a month earlier than the National CPI)

Tokyo CPI excluding Fresh Food y/y, -0.5 %

  • expected is -0.5%, prior was -0.5%

Tokyo CPI excluding Food, Energy y/y +0.4 %

  • expected is 0.4%, prior was 0.5%

I've 'bolded' the 'core-core' CPI, ie. that excluding food and energy as it's the closest to the US 'core' CPI. Some sliver of comfort there for the BOJ. The results are not even close to the 2% target, but hey, at least they aren't negative like the other CPI readings.

Note that the 'core' reading', y/y, (excluding fresh food) at the nationwide level is falling at its quickest since April of 2013. Plenty more work for the BOJ to do, though.

more to come
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