Japan producer inflation (March): PPI 2.1% y/y (expected 2.0%)
Japanese Producer price inflation (PPI) for MArch, the y/y slightly beating estimates.
2.1 % y/y
- expected 2.0%, prior 2.6%
-0.1 % m/m
- expected -0.1%, prior 0.0%
Earlier we got the
core machine orders, also a beat. I noted there at that post the yen supportive nature of the data point,; and this PPI data point is also yen supportive. I did also add an important caveat … that the BOJ is still way short of its inflation target and thus remains a long way from ‘exit’ … but at least inflation is moving in the right direction for them if this beat on the PPI is anything to go on (And feeds into CPI …. a big if it seems).
core machine orders, also a beat. I noted there at that post the yen supportive nature of the data point,; and this PPI data point is also yen supportive. I did also add an important caveat … that the BOJ is still way short of its inflation target and thus remains a long way from ‘exit’ … but at least inflation is moving in the right direction for them if this beat on the PPI is anything to go on (And feeds into CPI …. a big if it seems).
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