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Free AccessMNI BRIEF: Japan May Consumer Confidence Rises For Third Month
Japan's consumer confidence index posted its third straight rise in May, increasing to 36.0 from April's 35.4, with three out of four components improving and placing the index at its highest level since January 2022 when it stood at 36.8, data released by the Cabinet Office Wednesday showed.
The Office noted consumer sentiment “is recovering.” May’s figures will also ease Bank of Japan concerns high prices weigh on consumer sentiment and spending. The Office derived the data from the latest Consumer Confidence Survey, which was conducted between May 3-22. The sub-index on asset prices, not included in calculating overall consumer confidence, stood at 43.4 in May, up from 41.2 in April.
The data also showed the share of respondents projecting consumer price gains fell to 93.1% from 93.2% in April, the third straight drop. Among price rise forecasts, the share of respondents projecting a more than 5% rise fell to 52.9% in May from 56.4% in April and a record high of 66.8% in February. The share of respondents forecasting lower prices fell to 2.2% from 2.4%.
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