Japanese Tokyo CPI inflation ticks higher in June, rises to 2.3% YoY from 2.2%
27.06.2024, 23:51

Japanese Tokyo CPI inflation ticks higher in June, rises to 2.3% YoY from 2.2%

Japanese Tokyo Consumer Price Index (CPI) inflation rose to 2.3% over the year ended in June compared to the previous period's 2.2%. Core Tokyo CPI inflation (headline CPI inflation less volatile food prices) also rose for the same period, ticking up to 2.1% YoY compared to the previous 1.9% and climbing above the median market forecast of 2.0% YoY.

Core-core Tokyo CPI (headline inflation less both food and energy prices) eased slightly in June, cooling to 1.8% YoY compared to the previous 2.2%. With core-core inflation easing and headline Tokyo CPI sticking just above two percent, it is unlikely the Bank of Japan (BoJ) will be bullied into any immediate changes to its current hyper-easy monetary policy stance.

Economic Indicator

Tokyo Consumer Price Index (YoY)

The Tokyo Consumer Price Index (CPI), released by the Statistics Bureau of Japan on a monthly basis, measures the price fluctuation of goods and services purchased by households in the Tokyo region. The index is widely considered as a leading indicator of Japan’s overall CPI as it is published weeks before the nationwide reading. The YoY reading compares prices in the reference month to the same month a year earlier. Generally, a high reading is seen as bullish for the Japanese Yen (JPY), while a low reading is seen as bearish.

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Last release: Thu Jun 27, 2024 23:30

Frequency: Monthly

Actual: 2.3%

Consensus: -

Previous: 2.2%

Source: Statistics Bureau of Japan

Market reaction

USD/JPY continues to hold closely to fresh multi-decade highs above 160.80. The pair broke into its highest bids since 1986 this week, chalking in fresh 38-year highs, and a notable lack of an upswing in Japanese inflation figures is set to keep the Japanese Yen firmly on the back foot.

USD/JPY hourly chart

About Japan's Tokyo CPI inflation 

The Tokyo Consumer Price Index (CPI), released by the Statistics Bureau of Japan on a monthly basis, measures the price fluctuation of goods and services purchased by households in the Tokyo region. The index is widely considered as a leading indicator of Japan’s overall CPI as it is published weeks before the nationwide reading. The YoY reading compares prices in the reference month to the same month a year earlier. Generally, a high reading is seen as bullish for the Japanese Yen (JPY), while a low reading is seen as bearish.

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