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JAPAN DATA: Dec PPI Close To Expectations, Import Price Measure Up 1% Y/Y

JAPAN DATA
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Japan's PPI for Dec was close to expectations, rising 0.3%m/m, against a 0.4% forecast and 0.3% prior. In y/y terms, we were unchanged at 3.8%, which was in line with market expectations. 

  • The chart below plots the PPI (white line) against headline nationwide CPI. Whilst the rate ascent in the PPI has slowed in y/y terms, it is still consistent with headline inflation holding around 2% or a little higher.
  • In terms of the detail, in m/m terms the biggest rise was seen in petrol, coal, up 1.2%. Most other sub-categories were either modestly down or close to flat. Manufacturing rose 0.1%.
  • A measure of import prices rose 1.0%y/y (although was down in the month), ending a recent run of negative y/y outcomes. This is in line with USD/JPY y/y changes turning positive through Q4 of 2024.  

Fig 1: Japan PPI Versus Headline CPI Y/Y 

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Japan's PPI for Dec was close to expectations, rising 0.3%m/m, against a 0.4% forecast and 0.3% prior. In y/y terms, we were unchanged at 3.8%, which was in line with market expectations. 

  • The chart below plots the PPI (white line) against headline nationwide CPI. Whilst the rate ascent in the PPI has slowed in y/y terms, it is still consistent with headline inflation holding around 2% or a little higher.
  • In terms of the detail, in m/m terms the biggest rise was seen in petrol, coal, up 1.2%. Most other sub-categories were either modestly down or close to flat. Manufacturing rose 0.1%.
  • A measure of import prices rose 1.0%y/y (although was down in the month), ending a recent run of negative y/y outcomes. This is in line with USD/JPY y/y changes turning positive through Q4 of 2024.  

Fig 1: Japan PPI Versus Headline CPI Y/Y 

Keep reading...Show less