Japanese Tokyo CPI inflation ticks higher in June, rises to 2.3% YoY from 2.2%

Japanese Tokyo Consumer Price Index (CPI) inflation rose to 2.3% over the year ended in June compared to the previous period’s 2.2%. Core Tokyo CPI inflation (headline CPI inflation less volatile food prices) also rose for the same period, ticking up to 2.1% YoY compared to the previous 1.9% and climbing above the median market forecast of 2.0% YoY.

Core-core Tokyo CPI (headline inflation less both food and energy prices) eased slightly in June, cooling to 1.8% YoY compared to the previous 2.2%. With core-core inflation easing and headline Tokyo CPI sticking just above two percent, it is unlikely the Bank of Japan (BoJ) will be bullied into any immediate changes to its current hyper-easy monetary policy stance.