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Japan CPI core dropped to -0.7% yoy in Oct, worst in nearly a decade

Japan CPI core (all item ex-food), dropped to -0.7% yoy in October, down from -0.3% yoy, matched expectations. That’s also the worst deflation reading in nearly a decade, since March 2011. Nevertheless, the poor reading was seen as a result of high base effect due to sales take hike, and a recent government campaign to boost tourism.

Headline CPI (all item) dropped to -0.4% yoy, down form 0.0% yoy, missed expectation of -0.3% yoy. CPI core-core (all item ex-food and energy), dropped -0.2% yoy, down from 0.0% yoy, matched expectations.

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