Japan CPI data due today – early indications are for another disappointment for the BOJ

Coming up at 2330 GMT from Japan is  CPI data for April

  • National CPI expected -0.5% y/y, prior was -0.2%

  • National CPI excluding Fresh Food expected -0.5% y/y, prior was -0.1%

  • National CPI excluding Food, Energy expected -0.1% y/y, prior was 0.3% 

Tokyo are inflation data for April has been released already, its used as a rough guide to the national CPI. For April:

Tokyo CPI -0.6% y/y, 
Tokyo CPI excluding Fresh Food -0.2% y/y, 
Tokyo CPI excluding Food, Energy 0.0% y/y, 
As I noted at the time of the release there is nothing to make the BOJ happy here. Their core inflation target is 2%. Its not even close and has slipped lower from March in April. I suspect the same from the national level data today. 

There is nothing in inflation data to prompt any winding back of Bank of Japan easy monetary policy. 

Coming up at 2330 GMT from Japan is  CPI data for April
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