The Japanese yen continues to have a quiet week and is unchanged in the European session at 151.17.
Tokyo Core CPI inches lower to 2.4% Tokyo Core CPI, which excludes fresh food, eased to 2.4% y/y in March, a drop lower than the 2.5% gain in February and matching expectations. This inflation indicator is closely watched as it is considered a leading indicator of nationwide inflation. The Tokyo “core core” CPI index, which excludes fresh food and energy, eased to 2.9%, down from 3.1% in February.
However, if services inflation doesn’t show signs of rising, BoJ policy makers are likely to shy away from additional rate hikes. Despite the market buzz over the BoJ lifting rates out of negative territory for the first time in eight years, the BoJ hasn’t really exited its accommodative policy.
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