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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
Tokyo CPI was mixed for September. The headline y/y print was firmer than forecast at 2.8%, against 2.7% forecast. We were still down a touch on the prior 2.9% outcome. The core ex-fresh food metric was weaker though at 2.5% y/y (2.6% forecasts and prior 2.8%). The ex-fresh food, energy measure also printed below consensus estimates at 3.8%y/y (3.9% forecast, 4.0% prior). See the chart below.
- The core metric which excludes all food and energy also eased back to 2.4%y/y in September from 2.6% in August.
- Good prices were up 0.4% m/m, reversing the -0.1% falls in August. Services inflation was flat. Much of this month rise in goods inflation was food driven. We were +1.4% m/m, while fresh food surged 6.4% m/m. Clothing and footwear were +2.6% m/m, another source of pressures.
- Utilities continued to fall, -2.6% m/m, but were joined by entertainment, -1.8%, transport, commnication (-0.7%) and medical care (-0.1%).
- 7 out of 10 sub-indices saw slower or the same y/y price momentum compared with August.
Fig 1: Tokyo CPI - Y/Y, Headline & Core Measures
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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