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Yen Holding Close To Session Lows Despite Tokyo Core CPI Beat

JPY

USD/JPY is still drifting higher despite the firmer than expected Tokyo CPI prints. We last sit near session highs close to 133.00.

  • The headline and core (ex fresh food) were both 0.1ppts firmer in y/y terms relative to expectations, while the core (ex fresh food and energy) was 0.2ppt firmer at 3.4% y/y (prior 3.1%). This measure continues to print at fresh multi decade highs.
  • Some offset came from the jobless rate edging higher to 2.6% (2.4% forecast), while the job-to-applicant ratio eased to 1.34, versus 1.36 expected. This may temper expectations around the wages outlook, albeit at the margin, in terms of some softening in the labor market relative to conditions late last year.
  • Furthe data prints on retail sales and IP for February are due in around 10mins.
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