Important Japanese inflation data will be released on the Good Friday holiday

Good Friday, 29 March 2024, is a holiday in much of the Asian time zone.

New Zealand, Australia, Singapore and Hong Kong are all out for the day. Markets are closed in those centres.

However, Japan and mainland China re open.

Due from Japan at 2330 GMT, which is 1930 US Eastern time (both of those times are Thursday 28 March evening) is the inflation data for Tokyo in March.

Tokyo area inflation data:

• National-level CPI data for this month will follow in about three weeks, it takes longer to gather and collate the national data.
• Tokyo CPI is a sub-index of the national CPI
• It measures the change in prices of goods and services in the Tokyo metropolitan area
• Its considered a leading indicator of national CPI trends because Tokyo is the largest city in Japan and is a major economic hub
• Historically, Tokyo CPI data has been just slightly higher than national Japan CPI data. The cost of living in Tokyo is a touch higher than in most other parts of Japan. Higher rents, for example

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Separately, given the widespread holidays (the EU, UK and US are all out too, markets closed) my tin hat senses tell me that it may be a very good day for the Bank of Japan to intervene to support the yen. I’ll be on the lookout for this. ForexLive Asia shift will be up and running tomorrow, so if you are seeing FX moves you know who to check in with!

This article was written by Eamonn Sheridan at www.forexlive.com.