Japanese CPI: Up 0.3% over the year before seasonal adjustment


  • Japan CPI (YoY) Aug: 0.3% (est 0.3%, prev 0.5%).
  • This is the sort of reading that is behind the Bank of Japan’s dovish tone.

The Japanese consumer price index for Japan in June 2019 was 101.8 (2015=100), up 0.3% over the year before seasonal adjustment, and the same level as the previous month on a seasonally adjusted basis.

  • Japan CPI (YoY) Aug: 0.3% (est 0.3%, prev 0.5%).
  • CPI ex fresh food (YoY) Aug: 0.5% (est 0.5%, prev 0.6%).
  • CPI ex fresh food, energy (YoY) Aug: 0.6% (est 0.5%, prev 0.6%).

Yesterday which sets the stage for fresh easing steps end-October.

We had a 7-2 vote, the Bank of Japan (BoJ) this morning kept its Quantitative and Qualitative Easing (QQE) with yield curve control and forward guidance unchanged:

“The BoJ remains in wait-and-see mode but recognises that risks from overseas economies continue to increase and now judges that it is becoming necessary to pay closer attention to the possibility that the momentum towards achieving the price stability target will be lost. If the outlook sours further and fosters JPY strengthening, the BoJ could take action in October by cutting the policy rate further into negative as the first line of defence," analysts at Danske Bank explained. 

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