CPI excl. Food and Energy y/y (JPY) comes in at 1.8% against 1.6% consensus
| Pair | Now | Since publish |
|---|---|---|
| USDJPY | — | — |
Japan’s core inflation, measured by CPI excluding Food and Energy year over year, was reported at 1.8%. This figure, released today, August 20, 2026, at 23:30 UTC, exceeded the consensus expectation of 1.6%. The actual print represented a 12.5% surprise relative to the consensus. The previous reading for this measure was 1.7%.
The immediate market reaction in JPY crosses was relatively subdued. Fifteen minutes after the release, USDJPY moved +0.2 pips, EURJPY +1.5 pips, and GBPJPY +0.9 pips. NZDJPY saw a +1.7 pip change, while AUDJPY moved +0.1 pips. CADJPY registered a -0.2 pip change, and CHFJPY moved +2.8 pips. These measured moves are small when compared to the typical median 1-hour moves seen after past releases, which range from 4 pips for NZDJPY to 9 pips for GBPJPY.