Tokyo area November inflation data, a big jump higher: Headline 2.6% y/y (prior 1.8%)

Tokyo area November 2024 inflation data has jumped much higher:

USD/JPY has dropped, this data is a solid point in favour of a Bank of Japan interest rate hike at its December 18-19 meeting.

There won’t be a ‘national/ November CPI data release prior to the December BoJ meeting, but with a jump like this in Tokyo surely its enough for the Bank to get on with?

Japan Tokyo headline CPI 2.6% y/y

• expected 2.2%, prior 1.8%

Tokyo CPI excluding fresh food 2.2% y/y

• expected 2.0%, prior 1.8%

Tokyo CPI excluding fresh food and energy 1.9% y/y

• expected 1.9%, prior 1.8%

This article was written by Eamonn Sheridan at www.forexlive.com.