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Japan national headline CPI for July 2021 -0.3% y/y vs. expected +0.6%

Inflation data for July 2021:

National CPI -0.3% y/y, 
National CPI excluding fresh food -0.2% y/y, 
National CPI excluding food, energy -0.6% y/y, 

Japan can’t even catch a high CPI reading when the whole world is overshooting. That’s a big swing and a miss on the headline and demonstrates why the yen will always be the great carry trade funder.

The Bank of Japan target for core inflation is 2% y/y and we’re a long way from there despite covid bottlenecks.

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