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Japan's Core CPI Defies Expectations as Food Prices Weigh In

All-Japan core CPI inflation for October came in at 2.9% yoy in October after 2.8% in September but below market expectation of 3.0%.

Core-core (BoJ version) came in at 4% vs 4.2% for Sep.

Energy and services still driving inflation while core foods are starting to weigh on the inflation numbers.

Our take: Inflation in Japan is still defying the trend in other countries but likely to come down in the months to come weighed down by core food prices. No impact on BoJ as upcoming wage negotiations are likely to be more important for policy setters.


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