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Nikkei 225 backs off from record after Japanese National CPI beats estimates

Very late yesterday evening, after the US close and as the Asian markets reopened, the latest Japanese inflation data hit the screens.That was the National CPI readings for January. This data was expected to show annualised Japanese CPI running at 1.9%. However, it did not and headline CPI rose by 2.2%. The core was at 2%. Now despite that higher reading, the data did not stop the Nikkei from initially rising to a new all time record high at 39,426. It did back off from that into the close, but still managed to close ever so slightly higher, at 39,239. The news has helped the Yen to gain a little now today, but more on that in a minute. What the data has done, is to push Japanese yields higher today and that has helped the Yen to counter further slight gains in US yields. 

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