Japan Sept core CPI ex fresh food and energy rises 2.4% y/y, above 2.3% forecast

The jump in core-core inflation matters because it strips out the two most volatile components, so the acceleration from the prior month signals that price pressure is no longer confined to energy or food. That is the measure most closely tied to domestic demand and services, making it the one that complicates any easy characterization of Japanese inflation as imported. The read-across extends beyond Japan: it feeds into the global rates backdrop that crypto and other risk assets have been trading against. Whether this broadening persists in coming readings, or proves a one-month distortion, is the open question.