CPI excl. Food and Energy y/y (JPY) comes in at 1.7% against 1.7% consensus

Japan’s CPI excluding Food and Energy year over year was released at 1.7%. This matched the consensus expectation of 1.7%. The previous reading for this indicator was 1.8%. The surprise versus consensus was 0.0%.

Following the release, market reaction in JPY pairs has been limited over the first 15 minutes. AUDJPY moved up 0.1 pips, CADJPY gained 1.3 pips, and CHFJPY rose 1.4 pips. EURJPY saw a decline of 0.2 pips, GBPJPY fell 0.8 pips, and NZDJPY dropped 1.6 pips. USDJPY moved up 2.0 pips. These initial moves are small when compared to the typical median 1-hour moves for these pairs, which range from 4 pips for NZDJPY to 9 pips for GBPJPY after past releases.