Tokyo Consumer Price Index (CPI) y/y
Tokyo Consumer Price Index y/y measures changes in prices of goods and services purchased by households in the Tokyo region. The index estimates price changes from the perspective of the consumer, in the given month compared to the same month of the previous year. The calculation includes goods and services characterizing household spending, it does not include taxes and social payments.
Tokyo CPI is released before the national CPI, and provides for a preliminary assessment of inflation in the country.
The effects on currencies can range in both directions: generally the rise in CPI can lead to a rise in interest rates and a rise in local currencies. However in recession, the rise in CPI may lead to a more severe economic downturn and fall in the local currency.
The index is created based on retail price statistics surveys released by the Ministry of Internal Affairs and Communications. The statistics collection started in August 1946 and it may be called "National Consumer Price Index" to distinguish it from the one-region index such as "Tokyo Metropolitan District Consumer Price Index".
Tokyo is a huge city, and prices tend to be higher in comparison with other regions. In particular, there are places where the rent is several times higher than in other areas, causing the consumption action to be suppressed. However, since the average income is also large, it is in a state that cannot be said unconditionally.
The index value that exceeds the forecast value has positive effects on yen quotes.
The chart of the entire available history of the "Tokyo Consumer Price Index (CPI) y/y" macroeconomic indicator. The dashed line shows the forecast values of the economic indicator for the specified dates.
A significant deviation of a real value from a forecast one may cause a short-term strengthening or weakening of a national currency in the Forex market. The threshold values of the indicators signaling the approach of the critical state of the national (local) economy occupy a special place.
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