Japan August Core CPI Ex-Fresh Food and Energy Rises 1.9% Y/Y, Missing 2% Forecast

The Bank of Japan's preferred underlying gauge stalling below target keeps the policy normalization debate unresolved, and the unchanged reading offers no fresh momentum either way. For crypto and RWA markets, the marginal signal is limited: a softer core print can weigh on rate-hike expectations and, by extension, the yen, but this single measure is not the decision-maker. The open question is whether the broader inflation picture, including fresh food and energy, forces the BOJ's hand before the measure returns to target.