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.
