Tokyo headline CPI inflation cools YoY from 2.6% to 2.4%.

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Japan’s Consumer Price Index (CPI) for December 2023 showed a decline in annual inflation, reaching 2.4%, a slight decrease from November’s 2.6%. This indicates a continued cooling of inflation in Tokyo, a key economic area.

In Tokyo, the Core CPI, which excludes volatile fresh food prices, aligned with market predictions, registering 2.1% for the year ending in December. This is slightly down from November’s 2.3% annual rate.

Additionally, Tokyo’s ‘Core-Core’ CPI, which further removes energy prices from the Core CPI, experienced a minor drop to 3.5% year-over-year, down from November’s 3.6%.

Market Reaction
In early Tuesday trading, the USD/JPY pair remains stable, fluctuating slightly above the 144.00 level.

About Tokyo’s Consumer Price Index
The Tokyo Consumer Price Index, issued monthly by Japan’s Statistics Bureau, tracks household goods and service price changes in Tokyo. It’s a precursor to Japan’s national CPI, released several weeks ahead. The year-over-year figure compares current month prices to those a year prior. Typically, a higher index reading suggests a bullish outlook for the Japanese Yen, while a lower reading implies bearishness.

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