USD/JPY flows: Headline CPI Stays Elevated

After the placeholder BoJ meeting on Wednesday, we have another elevated National CPI on Friday. Headline came in at 3.7%, down from January but still much higher than average. While ex fresh food came in at 2.9% and ex fresh food & energy at 2.6% may suggest a portion of inflation is transitory, the underlying strength in CPI cannot be denied.

USD/JPY is trading 0.2% higher as there has been no urgency from the latest tone of BoJ officials.