Japan November CPI – all three inflation measures remain much higher than the BOJ target

<p>Data for inflation in Japan in November 2023.</p><p>We get an early guide to the data each month with <a href="https://www.forexlive.com/news/tokyo-area-cpi-data-for-november-2023-comes-in-way-above-the-2-boj-target-rate-again-20231204/" target="_blank" rel="follow">Tokyo area data</a> for the month a few weeks beforehand.</p><p>While both core measures dropped under their levels reported in October, both are continuing to point to solid underlying inflation.</p><p>The ex. food core measure hit its lowest since July of 2022.</p><p>USD/JPY is little changed around 142.16, not a lot off its overnight low.</p><p>***</p><p>The minutes coming up at 1850 US Eastern time are from the Bank of Japan's October meeting. The tweak at this meeting was to keep the 1% JGB yield ceiling as a point of reference.</p><p>The summary of the meeting was released early in November:</p><ul><li><a href="https://www.forexlive.com/centralbank/boj-october-meeting-summary-20231108/" target="_blank" rel="follow" data-article-link="true">BOJ October meeting summary – USD/JPY little changed in response</a></li></ul><p>From the day of the meeting:</p><ul><li><a href="https://www.forexlive.com/news/the-boj-underdelivers-once-again-20231031/" target="_blank" data-article-link="true">The BOJ underdelivers once again</a></li></ul><ul><li><a href="https://www.forexlive.com/centralbank/bank-of-japan-october-31-statement-full-text-20231031/" target="_self">Bank of Japan October 31 Statement – full text</a></li><li><a href="https://www.forexlive.com/centralbank/bank-of-japan-monetary-policy-statement-changes-language-around-1-10year-jgb-cap-20231031/" target="_self">Bank of Japan Monetary Policy Statement: Changes language around 1% 10year JGB cap</a></li></ul>

This article was written by Eamonn Sheridan at www.forexlive.com.

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