Based on the last 12 Inflation Rate YoY events in Japan, we expect a 42 pip movement on CL within 2 hours following the event release at 23 Dec 23:30 UTC. We expect CL to trend downwards 2 hours following the event release at 23 Dec 23:30 UTC if the released value is > 0.4%

Historical events that allowed us to draw this conclusion

19 Jul 23:30

17 Jun 23:30

18 Feb 23:30