One of the great mysteries of the current world is how Japanese inflation remains so low. Commodity inflation has skyrocketed, the government continues to spend, rates are still zeroed out and the currency has crumbled.

Yes in the August CPI report, core CPI rose just 2.8% y/y and is expected to rise 3.0% in the September report at 2330 GMT (8:30 am in Tokyo). I don’t have a consensus estimate on headline CPI but the prior was 3.0%. Earlier this month, Tokyo CPI ex fresh food rose 2.8%, which was in line with the consensus.

That’s not all on the economic calendar. At 2145 GMT, the New Zealand September trade balance report is due. There’s no consensus but the prior was -12.28B.

The speaker lineup is light but expect to see some BOJ policymakers at some point and the China People’s Congress continues as well.