Free Trial
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
Tokyo Nov CPI printed below expectations across all measures. The headline was 2.6%y/y versus 3.0% expected and a revised 3.2% print for Oct. The ex fresh food measure printed at 2.3%, versus 2.4% expected and 2.7% prior. The ex fresh food, energy metric was 3.6% y/y (3.7% forecast and 3.8% prior).
- Headline CPI is now back to mid 2022 levels, while core (ex fresh food and energy) has edged away from recent cyclical highs near 4%. The core measure which excludes all food and energy was stable at 2.7% y/y though.
- In m/m terms the core measures were either flat or down. Goods inflation fell -0.6% m/m (+1.6% prior), services inflation eased back to 0.2% (prior 0.4%)
- Food was -0.9% m/m, utilities -0.4%, household goods -0.9% and entertainment at -0.3% were the main drags.
- In y/y terms, utilities remain a large drag -15.3%. 9 out of 11 of the sub categories saw either lower or unchanged y/y momentum versus Oct.
Fig 1: Tokyo CPI Y/Y Trends - Resume Shift Lower
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok