Japan inflation data (for Tokyo, Mar. CPI): Headline 1.0% y/y (expected 1.3%)

Last week we got the
‘national’ CPI data for Japan in February:

Today we get the
‘Tokyo’ inflation data, but for March. Tokyo CPI data is available
around 3 weeks earlier than the National CPI and is looked to as a
guide to the national result. Inflation has been beginning to move
more consistently higher, as desired by the BOJ, but of course is
still well short of their stable 2% target. A drop today reported for March in Tokyo, although the important underlying measure (core-core, which is closest to the US measure of core inflation) held steady at 0.5.

Tokyo CPI 1.0% y/y

  • expected 1.3%, prior
    was 1.4%

Tokyo CPI excluding
Fresh Food 0.8% y/y

  • expected 0.9%, prior
    was 0.9%

Tokyo CPI excluding
Food, Energy 0.5% y/y (‘core-core’)

  • expected 0.5%, prior
    was 0.5%

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