We had the Tokyo inflation data for May published four weeks ago; Tokyo area data is seen as a bit of a guide
It was on the up, but the Bank of Japan is not convinced its not transitory and so left policy unchanged at its latest monetary policy meeting:
Confirmed loose policy from the BOJ sent yen crosses skyrocketing, this was a no-brainer:
After an adventure above 136 USD/JPY has turned down:
Higher than expected CPI in the data today will spur talk, again, of BOJ policy change and would be a positive for yen, at the margin.
Apart from the Japan data there is consumer confidence to come from the UK (2301 GMT) for June
and the Corporate Services Price Index from Japan at 2350 GMT
prior +1.7% y/y