The inflation rate in Japan, as measured by the Tokyo Consumer Price Index, has increased to 3.2% compared to the expected 2.8%. This is a slight drop from the previous rate of 3.1%. The USDJPY currency pair stands at 138.896.
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Early Friday morning in Asia, the Statistics Bureau of Japan released monthly prints of the Tokyo Consumer Price Index for July.
That said, the headline Tokyo CPI improves to 3.2% YoY from 3.1% prior, versus 2.8% market forecasts, whereas the Tokyo CPI ex Fresh Food, Energy rises to 4.0% from 3.8% previous readings. More importantly, Tokyo CPI ex Fresh Food eases from 3.2% to 3.0% for the said month compared to analysts’ estimations of 2.9%.
Following the upbeat Japan inflation clues, USD/JPY recollects the previous day’s chatters about the Bank of Japan’s likely edit to the +/- 0.50% limit of the 10-year Japanese Government Bond (JGB) yields ahead of Japan inflation data and the BoJ monetary policy announcements. With this, the Yen pair retreats to 139.00 by marking an initial fall of 25 pips on the data.
Also read: USD/JPY Price Analysis: Bears occupy driver’s seat near 139.00 amid talks of BoJ’s YCC tweak
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