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Japan September services PPI holds at 3.7% y/y, in line with forecast, before BoJ

Reported · Written up by our desk · Major Pairs

An in-line print is unlikely to move the yen much on its own, but it removes one possible dovish surprise before Friday’s decision and keeps the backdrop supportive of December hike pricing. Steady services inflation strengthens the case for the Outlook Report to effectively declare underlying inflation has reached 2%, which would support the yen and short-end JGB yields. The bigger moves are still likely to come from the BoJ’s vote split, Ueda’s press conference and Wednesday’s Fed decision. Oil-driven cost pressure tied to the Iran conflict keeps the wider inflation backdrop firm.<

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