Tokyo area CPI for May headline 3.2% vs. 3.4% expected

The core-core inflation rate (i.e. excluding food and energy and is the closest measure to the US “core” CPI) rose from April and is not at its highest since April 1982.

Note that this is inflation measured in the Tokyo area. This is considered a nationwide leading indicator of inflation, but it is not a perfect 1 to 1 indication. We are expecting May inflation for Japan for some time to be released in about 3 weeks.