Tokyo headline CPI inflation cools YoY from 2.6% to 2.4%.
Tokyo YoY Core CPI prints as-expected at 2.1% versus previous period's 2.3%.
Japan's Consumer Price Index (CPI) annualized inflation for the year ended December 2023 eased back further as inflation continues to cool within the major economic centers of Tokyo, printing at 2.4% compared to November's YoY 2.6%.
Tokyo's Core CPI (headline CPI less the volatility of fresh food prices) broadly met market expectations, printing at 2.1% for the year through December compared to November's annualized print of 2.3%.
Tokyo's 'Core-Core' CPI inflation (Core CPI minus energy prices) also slid, printing at 3.5% YoY compared to November's YoY print of 3.6%.
Market Reaction
The USD/JPY sees sedate trading conditions in early Tuesday market action, shifting within intraday levels above the 144.00 handle.
About Japan's Tokyo Consumer Price Index
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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