USD/JPY jumping on this. Inflation undershooting estimates and also the prior month’s readings.
Tokyo CPI +2.9% y/y
- expected 3.2%, prior +3.4%
CPI excl fresh food +2.2%
- expected 2.3%, prior 2.5%
CPI excl food and energy +1.9%
- expected +2.0%, prior +1.9%
USD/JPY marked higher, the reasoning being it takes off some pressure for nearer-term BoJ rate hikes: