USD/JPY flows: National CPI Continues to Moderate

The Japanese National CPI for November shows further moderation, headline slipped to 2.8% from 3.3%, less Fresh Food reached 2.5%, the lowest level after July 2022 and less fresh food % energy broke 4% to 3.8%. While the moderation is welcoming, it remains above the 2% target with ex fresh food and energy being stubborn near 4%. The BoJ has decided to kick the can down the road till spring's wage negotiation but there is no doubt they will be moving out of ultra-loose monetary policy. 

USD/JPY has moved 0.24% higher to 142.43.