BoJ Weighted Median Core CPI y/y comes in at 1.5% against 1.7% consensus

The Bank of Japan’s Weighted Median Core CPI y/y for July was released at 1.5%. This figure came in below the consensus expectation of 1.7%, representing a surprise of -11.8% against the forecast. The prior month’s reading was 1.4%.

Following the release, the Japanese Yen showed a mixed reaction in the first 5 minutes, then generally strengthened against most major currencies by the 15-minute mark. AUDJPY moved -8.1 pips, CADJPY moved -4.4 pips, CHFJPY moved -6.4 pips, EURJPY moved -8.6 pips, GBPJPY moved -8.4 pips, and NZDJPY moved -4.4 pips. USDJPY moved +2.0 pips. For context, the median 1-hour move for AUDJPY after past releases has been 5 pips, for CADJPY 4 pips, for CHFJPY 4 pips, for EURJPY 6 pips, for GBPJPY 7 pips, for NZDJPY 5 pips, and for USDJPY 5 pips. The measured moves for AUDJPY, CHFJPY, EURJPY, and GBPJPY so far are larger than their respective median 1-hour moves. The moves for CADJPY and NZDJPY are comparable to their median 1-hour moves. The move for USDJPY is smaller than its median 1-hour move.