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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
The Tokyo Jan CPI print was weaker across the board relative to expectations. The headline was 1.6% y/y (versus 2.0% forecast and 2.4% prior). Ex fresh food was 1.6%y/y (versus 1.9% forecast and 2.1% prior). Ex fresh food and energy printed at 3.1% y/y, (versus 3.4% forecast and 3.5% prior).
- Sequential y/y momentum continues to moderate, see the chart below, albeit at a quicker pace than what the market had anticipated in terms of the Jan print.
- It's important to note Jan 2023 marked the peak in y/y momentum for the headline CPI measures, so base effects will be less favorable going forward.
- In terms of the detail, headline and the core measures were down 0.1% m/m (seasonally adjusted). The index that excludes all food and energy fell sharply down 0.4% m/m (although this is not seasonally adjusted).
- Outside of food rises, +0.5%m/m, the result would have been weaker. Household goods (-0.3%m/m), clothing (-1.8% m/m), transport (-0.3% m/m) and entertainment (-1.9% m/m) were all drags.
- In y/y terms, we saw slower y/y momentum in 9 out of the 11 sub categories. Utilities at -18.4% y/y remains the biggest drag.
Fig 1: Tokyo CPI Y/Y Momentum Eases Further In January
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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