This snapshot is from the investingLive economic data calendar.
- The times in the left-most column are GMT.
- The numbers in the right-most column are the ‘prior’ (previous month/quarter as the case may be) result. The number in the column next to that, where there is a number, is the consensus median expected.
The focus on today’s calendar is definitely the inflation indicator from Japan, Tokyo CPI. It’s the results from February. Scanning back the previous two months and you get this:
- Tokyo CPI eased in December but stayed above target, BOJ to stay on gradual rate hike path
- Tokyo inflation cools in January, reducing BoJ rate hike urgency. Weight on yen.
Expectations are for another colling again today. Justin is onto something here:
And the pressure is not just what appears to be political appointees that Justin refers to, but maybe the inflation data is about to turn against Ueda too?
The yen gained points yesterday. As I posted in the Thursday wrap:
- Bank of Japan Governor Ueda, in an interview with Yomiuri, reiterated that the Bank remains on track to tighten further if the economic outlook strengthens and inflation re-accelerates. Those gains were reinforced by remarks from BOJ board member Hajime Takata, widely regarded as the most hawkish member of the panel, who warned policymakers must focus on the risk of an inflation overshoot. Takata argued that medium- and long-term inflation expectations are rising and second-round price effects are becoming more evident.
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Tokyo area inflation data:
- National-level CPI data for this month will follow in about three weeks, it takes longer to gather and collate the national data.
- Tokyo CPI is a sub-index of the national CPI
- It measures the change in prices of goods and services in the Tokyo metropolitan area
- Its considered a leading indicator of national CPI trends because Tokyo is the largest city in Japan and is a major economic hub
- Historically, Tokyo CPI data has been just slightly higher than national Japan CPI data. The cost of living in Tokyo is a touch higher than in most other parts of Japan. Higher rents, for example
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This article was written by Eamonn Sheridan at investinglive.com.