Haruhiko Kuroda and Mario Draghi...birds of same trouble

Deflationary pressure just refusing to move on from their respective economy. Data released overnight showed Japanese economy, despite ¥80 trillion per annum bond buying and negative interest rates of -0.1%.

Late last night's data showed

• National consumer price index failed to grow from last year's level. National CPI excluding foods also failed to grow at all. Only the core-core measure grew by 0.7%, which is higher than 0.4% seen during 2015 but just about a third of 2.1% seen in January, 2015. Core-core CPI even edged down to 0.7% in January from 0.8% in December.
• Tokyo CPI is up just 0.1% for February, down -0.1% excluding food and up 0.5% excluding food and energy, the core-core measure.

BOJ governor out defending today, saying there is no limit to monetary easing and it is possible to cut rates further down from current -0.1%.

Such similarity.

Few weeks back Mario Draghi, despite being far away from central bank's mandate of close to but below 2% inflation target was defending current monetary policy of bond buying worth of €60 billion per month and negative interest rates of -0.3%.

• Today several inflation measures released from Germany points to continued deflationary pressure. Saxony inflation came at -0.1%, Brandenburg cam -0.4%, Hesse down -0.3% and inflation in Bavaria came at -0.1%. National CPI will be released at 13:00 GMT.
• If Europe's strongest economy is facing no demand driven inflation, other could be further away.

If European Central Bank (ECB) if fails to act decisively in March 10th meeting, Mr. Draghi will have another similar problem to Mr. Kuroda,

Stronger Euro.

 Euro is currently trading at 1.102 against Dollar.