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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
JapanJapan CPI MoM climbed to 0.3% in July 2026
FMPMonthlyReleased July 2026
Japan CPI MoM climbed to 0.3% in July 2026, up 0.3% from June's 0.0% reading.
Latest Release
0.300000
Actual
—
Consensus
0.000000
Previous
Sigmacast Track Record
Sigmacast track record will appear here once this indicator has been released 3+ times since Sigmanomics began tracking.
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Co-movement | Action |
|---|---|---|---|---|---|
| EUR/JPY | ▼ Inverse | −0.78 | FOREX | Moves against | → View |
| GBP/JPY | ▼ Inverse | −0.76 | FOREX | Moves against | → View |
| AUD/JPY | ▼ Inverse | −0.73 | FOREX | Moves against | → View |
| USD/JPY | ▼ Inverse | −0.57 | FOREX | Moves against | → View |
| S&P 500 | ▲ Direct | +0.41 | INDEX | Moves with | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
CPI MoM (Japan) was reported at 0.3% in July 2026. The reading rose from the previous value of 0%. Trailing 12-month context per ETL data through July 2026. Over the past 12 months, the indicator has averaged 0.16%, ranging from -0.2% to 0.5% across 7 releases.
WHY IT MATTERS
The trailing three releases averaged 0.27%, up from the prior three at 0.17%.
THE MODEL'S TAKE
Historically, this indicator is negatively correlated with EUR/JPY (Bearish EUR). A secondary relationship exists with GBP/JPY, negatively correlated (Bearish GBP).
WHAT TO WATCH NEXT
The next release is scheduled for August 27, 2026. Same-country events in the next 14 days include Current Account (Aug 9) and BoJ Summary of Opinions (Aug 9).
Auto-generated from current model state · Refreshes on each release · Last update July 2026.
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CPI MoM - JP
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About CPI MoM — Japan
DEFINITION
Japan's CPI MoM rose 0.300000% in July, marking a clear acceleration from June's flat 0.000000%. This increase signals a shift toward inflationary pressure after a period of price stability. Market participants will closely watch upcoming data for confirmation of sustained inflation trends. Updated 7/31/26
WHY THIS INDICATOR MATTERS
Inflation prints feed directly into central-bank policy expectations and real-yield calculations, and are among the most rate-sensitive releases on the calendar. Surprises against consensus can drive short-term moves, particularly when the print breaks an established trend. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (Jul 2026): actual 0.3 %. Prior reading (Jun 2026): 0 %. Before that (Jun 2026): 0 %.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a higher reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bullish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary tailwind in the current projection. This indicator correlates most strongly with EUR/JPY (Bearish EUR, r=-0.78) — a useful reference for forex-focused traders.
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EXPECTED ZONE
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Economic Calendar - JP Events
| Thursday, August 6, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
|---|---|---|---|---|---|---|---|
| 23:30 | JP | Household Spending MoM | -6.4 | 3.7 | -3.1 | -4.40 | Medium |
| 23:30 | JP | Household Spending YoY | -3.3 | -0.4 | 1 | -0.47 | Medium |
| Friday, August 7, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
| 05:00 | JP | Leading Economic Index | 116.4 | 116.4 | 116.5 | 116.45 | Low |
| 05:00 | JP | Coincident Indicator MoM | 0.3 | -0.2 | 0.4 | 0.35 | Low |
| 05:00 | JP | CB Leading Index | 116.4 | 116.4 | 116.5 | 116.50 | Low |
| Sunday, August 9, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
| 23:50 | JP | Current Account | 3968 | 1512 | 1512.00 | Medium | |
| 23:50 | JP | Bank Lending YoY | 5.7 | 5.7 | 5.70 | Low | |
| Monday, August 10, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
| 05:00 | JP | Eco Watchers Survey Outlook | 45.7 | 46 | 46.00 | Low | |
| 05:00 | JP | Eco Watchers Survey Current | 44 | 44.4 | 44.40 | Low | |