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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's Nov PPI was close to expectations, rising 0.2% m/m (in line with the projection), while the prior was -0.3%. The y/y outcome rose 0.3%, slightly above the 0.1% forecast, while the prior was 0.9%.
- The evolution of the PPI continues to be waning y/y momentum. The chart below plots the headline in y/y terms against Japan's headline CPI.
- Base effects for the PPI will be less favorable as we progress through the first half of 2024.
- In terms of the detail, we saw a decent m/m rise in petroleum, coal (+3.1%) and metals +1.4%. Elsewhere though m/m pressures were either close to flat or negative.
- The print is unlikely to shift BOJ thinking ahead of next week's policy meeting.
Fig 1: Japan PPI Y/Y & CPI Y/Y
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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