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JGBS: Core Tokyo CPI Measures Lower Than Expected, Labour Data In-Line

JGBS
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In post-Tokyo trade, JGB futures closed stronger, +8 compared to settlement levels. 

  • Headline Tokyo CPI printed 3.0% y/y versus 2.9% (est) and 2.5% (prior). Core and Core-Core printed 2.4% y/y and 1.8% y/y respectively versus estimates of 2.5% and 1.9% and priors 2.2% and 1.9%.
  • Labour market data printed in-line with expectations: Jobless Rate at 2.5% (2.5% prior) and Job-To-Applicant Ratio at 1.25 (1.25 prior).
  • Overnight, US tsy yields ended little-changed after a blockbuster auction for freshly issued seven-year notes helped revive demand in afternoon trading. Lower volumes on the day with European markets still closed for the Christmas holiday.
  • Limited data reaction: Initial jobless claims came out near steady in the Dec 21 week, coming in at 219k (220k prior, unrevised), thus coming in a little below the 223k expected. However, continuing claims (Dec 14 week) were more mixed: the 1,910k was above the 1,881k expected but this was offset by a 13k downward revision to the prior (1,864k).
  • Friday US data calendar: Advance Goods Trade Balance (-$101.3B, -$98.3B prior rev), Wholesale Inventories MoM (0.2%, 0.1%) and Retail Inventories MoM (0.1%, 0.3%) at 0830ET.
  • Today, the local calendar will also see BOJ Summary of Opinions (Dec. MPM), Retail Sales, Industrial Production and Housing Starts. 
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In post-Tokyo trade, JGB futures closed stronger, +8 compared to settlement levels. 

  • Headline Tokyo CPI printed 3.0% y/y versus 2.9% (est) and 2.5% (prior). Core and Core-Core printed 2.4% y/y and 1.8% y/y respectively versus estimates of 2.5% and 1.9% and priors 2.2% and 1.9%.
  • Labour market data printed in-line with expectations: Jobless Rate at 2.5% (2.5% prior) and Job-To-Applicant Ratio at 1.25 (1.25 prior).
  • Overnight, US tsy yields ended little-changed after a blockbuster auction for freshly issued seven-year notes helped revive demand in afternoon trading. Lower volumes on the day with European markets still closed for the Christmas holiday.
  • Limited data reaction: Initial jobless claims came out near steady in the Dec 21 week, coming in at 219k (220k prior, unrevised), thus coming in a little below the 223k expected. However, continuing claims (Dec 14 week) were more mixed: the 1,910k was above the 1,881k expected but this was offset by a 13k downward revision to the prior (1,864k).
  • Friday US data calendar: Advance Goods Trade Balance (-$101.3B, -$98.3B prior rev), Wholesale Inventories MoM (0.2%, 0.1%) and Retail Inventories MoM (0.1%, 0.3%) at 0830ET.
  • Today, the local calendar will also see BOJ Summary of Opinions (Dec. MPM), Retail Sales, Industrial Production and Housing Starts.