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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
JAPAN DATA
Japan October CPI was a touch below estimates. Core CPI ex fresh food and energy was 4.0% y/y, against a 4.1% projection and 4.2% prior. We continue to gradually move off recent highs in terms of this measure (see the chart below, with this core measure the top white line). The headline measure was also below expectations at 3.3% y/y (forecast 3.4%), but a step up from the prior pace. The ex fresh food measure was 2.9% y/y, also below expectations but slightly firming versus September.
- In terms of the detail, the core measure which excludes all food and energy ticked up to 2.7% y/y (from 2.6%), but it remains within recent ranges.
- In m/m terms this metric was +0.4% up from flat prior. Most core metrics were higher in m/m terms versus the September outcomes.
- Utility prices rose 6.0% m/m, while entertainment rose 0.9%, after both measures fell in September. Household goods inflation also firmed to 1.0% m/m.
- In y/y terms, fresh food prices spiked to 14.1% (from 9.6%), while other sub-indices were mixed. Household goods (6.9% y/y) and entertainment (6.4% y/y) saw firmer y/y momentum, but other categories were mostly softer.
Fig 1: Japan CPI Trends Mixed In October
Source: MNI - Market News/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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