JAPAN DAYBOOK: CPI, Sony Forecast, Honda’s U.S. Production

A consumer price report today will probably show the first inflation in 28 months after the March earthquake caused a rise in energy and food prices. Sony’s profit forecast after the close yesterday fell short of analyst estimates. Honda said a rebound in parts supplies will bring North American production back to normal, with the exception of its Civic model.

WHAT TO WATCH *Dollar falls vs yen after U.S. economy grew less than forecast, jobless claims rose; U.S. stocks gain on profit forecasts *CPI report at 8:30am expected to show first inflation in 28 months after March quake caused rise in energy, food prices *Sony forecasts fall short of analyst ests.; Goldman maintained neutral, Mizuho outperform; ADRs down *Honda says North American production to normal in Aug., except Civic; parts supplies rebound; ADRs gain *Goldman forecasts Japan GDP -0.8% this year; China +9.4%; U.S. +2.6%; Euro area +2%

ECONOMY * 8:30am National CPI April; survey +0.3% y/y, prior unchanged * 8:30am National CPI ex-food; survey +0.6% y/y * 8:30am National CPI ex-food, energy; survey -0.1% y/y * 8:30am Tokyo CPI May; survey +0.1%, prior -0.1% * 8:30am Tokyo CPI ex-food; survey +0.2% y/y * 8:30am Tokyo CPI ex-food, energy; survey +0.1% y/y * 8:50am Retail trade April; survey -6.2% y/y, prior -8.3% * 8:50am Large retailer sales April; survey -1.3% y/y * 2:00pm Quarterly land price data * NA Bank of Japan FY earnings

GOVERNMENT *Cabinet meeting followed by minister briefings *Chief Cabinet Secretary Edano briefings after cabinet meeting and again at 4:00pm *11:00am Tepco daily press conference * 4:30pm Tepco, Govt daily joint briefing

INDUSTRY *10:30am March container shipment figures, Maritime Center *11:00am-1:30pm Automakers release April production figures * 4:30pm Japan Securities Dealers Association regular briefing

CONFERENCES * NA BOJ Deputy Gov. at BOK conference in South Korea

COMMODITIES * 5:00pm Iron & Steel Federation monthly briefing * 6:00pm Wheat tender result * NA Oilseed importer group annual import forecast

To contact the editor responsible for this story: Steven McPherson at smcpherson@bloomberg.net

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