Tokyo CPI excl. Food and Energy y/y comes in at 2% against 1.7% consensus

Tokyo CPI excluding Food and Energy year over year was reported at 2%. This figure came in above the consensus expectation of 1.7%. The previous reading for this metric was 1.9%. The actual print represented a 17.6% surprise relative to the consensus forecast.

Following the release, JPY crosses generally moved higher, indicating JPY weakness. Fifteen minutes after the data, AUDJPY was up 18 pips, CADJPY was up 18 pips, CHFJPY was up 32 pips, EURJPY was up 30 pips, GBPJPY was up 34 pips, NZDJPY was up 15 pips, and USDJPY was up 27 pips. For several of these pairs, including AUDJPY, CHFJPY, EURJPY, GBPJPY, NZDJPY, and USDJPY, these moves exceeded the typical top-quarter moves observed after past releases. For example, top-quarter moves for AUDJPY are typically 15+ pips, and for GBPJPY, they are typically 17+ pips.