Japan National Core CPI y/y comes in at 1.6% against 1.2% consensus

Japan’s National Core CPI year-over-year came in at 1.6%, exceeding the consensus forecast of 1.2%. This figure also represents an increase from the previous reading of 1.4%. The actual print showed a 33.3% surprise relative to the consensus estimate.

Following the release, JPY crosses showed mixed and generally limited movement. USDJPY was flat at 5 minutes and gained 2.0 pips after 15 minutes. EURJPY saw a 0.7 pip gain initially, then a 0.2 pip decline after 15 minutes. GBPJPY was flat at 5 minutes and declined 0.8 pips after 15 minutes. Other JPY crosses also saw small moves, with AUDJPY up 0.1 pips, CADJPY up 1.3 pips, CHFJPY up 1.4 pips, and NZDJPY down 1.6 pips after 15 minutes. These initial movements are small when compared to the typical median 1-hour moves for these pairs, which range from 4 to 9 pips, with top-quarter releases often seeing moves of 10 to 15 pips or more.