Little Yen Strength Follow Through Post CPI Beats

USD/JPY is a touch lower following the slightly stronger than expected Tokyo CPI data. There hasn't been much follow through though. We were around 136.70/75 pre the data and moved down to the low 136.50 region post the prints. We sit slightly higher now, last in the 136.60/65 area, which is 0.10% firmer in yen terms versus the NY close.

• The core result (ex food and energy) printed at 3.2% y/y versus 3.1% expected and 3.0% prior. There was a downtick in the m/m pace to 0.3% from 0.5% in Jan.
• The headline came lower as well, but not as much as expected (3.4% y/y versus the 3.3% forecast, 4.4% was recorded prior).
• Other data showed the jobless rate ticking down to 2.4% (2.5% forecast), while the job-to-applicant ratio eased to 1.35 from 1.36, slight below market expectations.