Japan macro update:
Corporate pricing (PPI) cooling off:
• MoM: -0.2% vs July
• YoY: Still up 7.6%
Consumer inflation holding ~1.8% (core CPI from Aug 28)
Next catalyst: Sept household prices drop Oct 23, 8:30am JST
Translation: Corporate costs rising slower but still elevated. Consumer side stable for now. Watch that Oct data—if household spending cracks under sustained corp price pressure, $JPY could see vol. BOJ pivot watch continues.
Corporate pricing (PPI) cooling off:
• MoM: -0.2% vs July
• YoY: Still up 7.6%
Consumer inflation holding ~1.8% (core CPI from Aug 28)
Next catalyst: Sept household prices drop Oct 23, 8:30am JST
Translation: Corporate costs rising slower but still elevated. Consumer side stable for now. Watch that Oct data—if household spending cracks under sustained corp price pressure, $JPY could see vol. BOJ pivot watch continues.
