East Asia Econ

Japan – more noise in inflation

Inflation measures have become more mixed in recent weeks. But the drop in core measures of CPI inflation in the capital in September don't add to downside risks, being more the function of government subsidies. In other news, exports were firm in the first ten days of September.

Paul Cavey

Sep 26, 2025 • 2 min read

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East Asia Today

A quiet day for domestic macro today. The only data release was Saturday's profits data in China. In Japan, MPC member Asahi Noguchi gave a speech, in which he made a couple of interesting points, but governor Ueda's speech at the end of the week will obviously matter more.

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Last week, next week

Japan inflation indicators are mixed, so this week's Tankan survey and Ueda speech will be important. Korea's cycle is still weak, but this week's CPI data matter less when house prices have re-accelerated. Elsewhere, China's PMI will show whether nominal growth is softening again.

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East Asia Today

The main releases today were business confidence in Korea (weak) and September inflation for Tokyo (noisy). Also today, services exports for August for China, which offer further evidence that the boost to GDP from net exports is fading, and leading indicators for Taiwan which remain solid.