Tokyo area March overall CPI +0.4 pct YoY
|Core consumer prices in Tokyo rose 0.4 percent in March from a year earlier, government data showed on Friday. The core consumer price index for Japan’s capital, which includes oil products but excludes fresh food prices, compared with economists' median estimate for a 0.4 percent annual rise.
- Tokyo area March cpi excluding fresh food, energy prices +0.7 pct YoY - govt.
- Tokyo area March coreCPI +0.4 pct YoY - govt (Reuters poll: +0.4 pct).
Market implications
The data is not important at the moment. COVID-19 is. The re-emergence in the Tokyo new cases of the virus is concerning markets and the estimates of damage from the postponement of this year’s Olympic Gamse in Tokyo by one year range from 600 billion yen (US$5.4 billion) to 2 trillion yen (US$18 billion). However, eve the delay is overshadowed by the coronavirus outbreak which has deepened Japan’s recession fears – Tourism has ground to a halt.
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