MNI BRIEF: Japan Dec Consumer Confidence Index Drops
MNI (SYDNEY) - Japan's consumer confidence index fell in December to 36.2, down from November's 36.4, as two out of four components dropped from the previous month but the government left its assessment, data released by the Cabinet Office on Wednesday showed.
The indexes linked to overall economic well-being and the willingness to buy durable goods buy fell but the the indexes linked to income conditions and the labour market rose.
The sub-index on asset prices, not included in calculating overall consumer confidence, stood at 43.4 in December, up from 43.2 in November.
The share of respondents projecting consumer price gains stood at 93.7, up from 93.2 in October. The share of respondents forecasting lower prices stood at 2.0% in December, unchanged from 2.0% in November. The share of respondents that expect the consumer price index to rise more than 5% a year ahead rose to 48.4% in December from 47.5% the prior month.
The government repeated the view that consumer confidence is marking time.
Bank of Japan officials had not expected private consumption to fall despite the various price hikes as income conditions are improving.