After an exuberant afternoon chasing US stocks higher, NKY futures are sliding into the Japanese open as Industrial Production and Consumer Price Inflation disappointed significantly, and the unemployment rate rose.
Tokyo CPI slowed from +1.4% YoY in February to +1.0% YoY in March (notably below the +1.3% YoY expectation) as it appears – in the words of Abe and Kuroda – “the deflationary mindset has not gone”…
And while disinflationary pressures return, Industrial Production rose just 1.4% YoY – the slowest since Oct 2016 – missing expectations of +2.3% and bouncing back only marginally after the 6.8% MoM collapse in January…
And the Japanese unemployment rate rose for the first time since May 2017…
And while Japanese cash markets willopen higher, futures are coming well off their highs..
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