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Japanese inflation slowdown in summer

FXStreet (Bali) - Japanese inflation numbers came slightly softer than expected, with the national series for Sept unable to beat prior readings, while Tokyo prints for Oct saw a surprise in the overall CPI, quite below previous month. These results should be a positive development for further QQE further down the road.

RBS had anticipated softer prices earlier on the day noting: "This is probably because of the reduction in real disposable income after the CT hike, which seems to have put pressure on household consumption more than was initially anticipated. This might have caused some companies to reduce prices. Bank of Japan (BoJ) Governor Kuroda mentioned in his previous speech that prices may rise at a slower pace of around 1.0% yoy over the summer. Thus, the slowdown in inflation over the last few months is probably in line with the BoJ’s outlook."

Main headlines

Japan Tokyo CPI ex Food, Energy (YoY) up to 2.1% in October from previous 2%

Japan National CPI Ex Food, Energy (YoY): 2.3% (September)

Japan National Consumer Price Index (YoY) declined to 3.2% in September from previous 3.3%

Japan National CPI Ex-Fresh Food (YoY) in line with forecasts (3%) in September

Japan Tokyo CPI ex Fresh Food (YoY) meets expectations (2.5%) in October

Japan Tokyo Consumer Price Index (YoY) dipped from previous 2.9% to 2.5% in October

Japan Unemployment Rate meets forecasts (3.6%) in September

Japan Overall Household Spending (YoY) below forecasts (-4.3%) in September: Actual (-5.6%)

Japan Tokyo CPI ex Food, Energy (YoY) up to 2.1% in October from previous 2%

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Japan Jobs/applicants ratio in line with forecasts (1.09) in September

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