Exactly. That’s the key nuance here.
🇯🇵 Japan inflation eased to 2.9%, which reduces immediate pressure on the Bank of Japan — but it’s still above the BOJ’s comfort zone (~2%).
📌 What this signals:
Inflation cooling = BOJ doesn’t need to rush aggressive hikes
Still above target = policy stays restrictive, not dovish
BOJ can afford to pause, not pivot
🧠 Market takeaway:
This supports a slow, data-dependent normalization path
Yen strength will depend more on forward guidance than this single CPI print
Risk assets won’t panic unless inflation re-accelerates or BOJ turns hawkish unexpectedly
Bottom line:
➡️ Less urgency, not mission accomplished.
Inflation is cooling, but BOJ isn’t done yet.
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