Japanese CPI (Jul MM) 0.4% (Prev. 0.3%)

National CPI follows the Tokyo print, which has historically led this series by several weeks, so the surprise content here is usually limited unless the national figure diverges from the Tokyo signal. The month-on-month read matters less for the policy debate than the underlying measures: the Bank of Japan's focus has been the fresh-food-and-energy-stripped core and the services component, which it reads as the test of whether wage-driven domestic demand is sustaining price formation rather than imported cost pressure. In past episodes, firming month-on-month momentum alongside steady services inflation has been the combination that kept tightening expectations live, while energy-subsidy distortions have periodically muddied the headline and required looking through to the adjusted measures. The transmission runs through the front of the JGB curve and the yen rate differentials, with the move amplified when the print lands near a policy meeting. The follow-ons worth noting are the fresh-food-and-energy-stripped figure within this release, the quarterly BoJ outlook, and commentary from officials framing whether the underlying trend is tracking the bank's projection.