The 3 data items of inflation from Japan (Tokyo) were published earlier. 2 of 3 dripped a little lower from the previous month while core-core was unchanged at 4%. All 3 remained well above the Bank of Japan’s 2% target.
I mentioned in that post how the Bank of Japan has been insistent that they expect inflation in Japan to soon begin to fall. Forecasters from the bank glag September / October and when the decline is likely to begin. The data today seems supportive of that asseertion. National inflation data will be published in around 3 weeks for August, the Tokyo data is much more quickly collected nd collated.
USD/JPY had edged a little higher, if inflation in Japan is transitory, as the BOJ say, then their ultra-loose policy looks locked in for a little while longer.
150 in sight? What say the good folks of ForexLive (in the comments, please!).
This article was written by Eamonn Sheridan at www.forexlive.com. Source