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Japan: Core CPI inflation for August – Nomura

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Core CPI inflation in Japan | FX News Today

Nomura research team predicts that core CPI inflation throughout Japan for August to come in at -0.5% Y-Y, unchanged from July.

Main Talking Points

“We expect the core CPI inflation (CPI ex energy and food (ex-alcohol)) to contribute to the slower core CPI inflation and energy for contributing to an acceleration, with these contributions more or less cancel each other out. We expect the core CPI throughout Japan to enter +0.2% versus +0.3% in July. The impression of core inflation in the CPI for the Tokyo area for August was +0.1%, a slowdown from +0.2% in July, and we hope that all data and Japan have generally followed this pattern. As for the energy category, prices of electricity and gas are it bottoming out, and the rate of decline is likely to be reduced as a result, in our opinion.

Looking to September, we expect the core CPI in the Tokyo area will come -0.3% Y-Y, compared to -0.4% in August. We expect a further reduction in the rate of decline of energy to increase the number of core CPI. Meanwhile, we expect the core CPI for the Tokyo area in September coming in at +0.1% Y-Y, the same as we saw in August. downward pressure on the prices of the yen’s appreciation is likely to continue as an underlying trend. However, based core Tokyo CPI registering a rapid deceleration recently we will be watching for any correction in September.”

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