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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 PPI for services printed slightly below forecasts for July. We came in at 2.8%y/y versus 2.9% projected by the consensus. The June rise was revised up to a 3.1% gain (originally reported as a 3.0% rise).
- Despite the loss of y/y momentum the m/m rise still accelerated to 0.3% from 0.1% in June. Given the y/y trajectory from last year though, base effects may still see y/y services PPI momentum wane as we progress through H2 of this year.
- The chart below plots the services PPI y/y versus national headline CPI in y/y terms. PPI services inflation remains elevated by historical standards, although the correlation with headline CPI is not as strong as it has been in the past.
- Note on Friday this week we get the August Tokyo CPI print.
Fig 1: Japan PPI Services & National 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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