Japan: Another firmer CPI print should support JPY strength ahead – OCBC

Market news

20 July 2023

Japan: Another firmer CPI print should support JPY strength ahead – OCBC

Japan releases CPI report this Friday and BoJ MPC take place the following Friday. Economists at OCBC Bank analyze JPY ahead of these events.

There is an economic case for making a policy shift

We believe the meeting is ‘live’ as there is an economic case for making a policy shift.

Core-core inflation (strips away fuel and food) is now running at over 40-year high of 4.3% and both nationwide and Tokyo CPIs show that price pressures are broadening.

Another firmer CPI print should support JPY strength ahead.

US: Existing Home Sales decline 3.3% in June

United States Existing Home Sales (MoM) came in at 4.16M, below expectations (4.2M) in June

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