Forex Analysis by MarketPulse (Kenny Fisher) covering: USD/JPY. Read MarketPulse (Kenny Fisher)'s latest article on Investing.com
It has been a busy Friday in Japan. Japanese inflation data, which was released just before the end of the Bank of Japan meeting, was much lower than expected. Tokyo Core CPI, which was overshadowed by the Bank of Japan’s meeting today, eased to 1.6% y/y in April, well below the market consensus of 2.2% and the March reading of 2.4%. This was the lowest level since March 2022.
Core inflation is still running above the BoJ’s 2% target, but the Tokyo inflation data raises the question of whether domestic demand and wage growth will increase sufficiently to keep inflation sustainable at the 2% level. Governor Ueda has stated that service inflation will be a key factor in determining the next rate hike.
The BoJ also raised its outlook for inflation in fiscal 2024 to between 2.5% and 3%, up from 2.2% to 2.5% in the January forecast. At the same time, it downgraded growth projections for fiscal 2024 to between 0.7% to 1%, down from 1% to 1.2% in January.Scan QR code to install app
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