MNI BRIEF: Japan Jan Consumer Confidence Rises for 2nd Month

Japan's consumer confidence index posted the second straight rise in January as most components improved from the previous month, easing the Bank of Japan's concerns over the outlook for private consumption, data released by the Cabinet Office on Tuesday showed.

The consumer confidence index rose 31.0 in January from 30.3 in December, the latest Consumer Confidence Survey data showed. The latest survey was conducted from January 7 to January 20.

However, an official at the Cabinet Office warned about the outlook for spending given elevated living costs due to the rise in food prices.

The Cabinet Office upgraded its assessment from the previous month, saying consumer spending showed weak moves. The previous view was that consumer sentiment was weakening.

The sub-index on asset prices, not included in calculating overall consumer confidence, stood at 35.1 in January, down from 35.4 in December.

The data also showed that share of respondents projecting consumer price gains rose to 93.8% in January from 93.6% in December. The share of respondents forecasting lower prices fell to 2.5% from 3.2%.