The core CPI has now stayed above the BoJ’s 2% target for the 15th straight month. The readings indicated that the inflation picture barely changed in June, but that’s not really good news for the Bank of Japan. Core core inflation (excluding fresh food & energy) dipped lower to 4.2% y/y, down from 4.3% in May and matching the consensus. Japan’s core inflation (excluding fresh food) ticked higher to 3.3% y/y in June, up from 3.2% in May and matching the consensus estimate. The Japanese currency surged 2.37% last week against the greenback but has reversed directions and dropped 2.15% this week. The yen has taken investors on a roller-coaster ride.
In Friday’s European session, USD/JPY is trading at 141.93, up 1.33%. The US dollar continues to rally as the Japanese yen is down for a fourth straight day.
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