MNI BRIEF: Japan Nov Consumer Confidence Falls For Third Month

Concerns about the sustainability of Japan's private consumption have been raised after the government's consumer confidence index fell for a third consecutive month in November as all components weakened, data released by the Cabinet Office showed.

The Cabinet Office lowered its assessment from the previous month, saying "consumer confidence is weakening.” The previous view was that consumer sentiment showed weak moves.

The consumer confidence index fell to 28.6 in November, down from 29.9 in October and its lowest level since June 2020. The latest survey was conducted from November 5 to November 21. Consumer confidence was hit by rising living costs caused by the higher resource prices and the weak yen.

The asset price sub-index, not included in calculating overall consumer confidence, stood at 34.0 in November, down from 35.0 in October.

The data also showed that the share of respondents expecting consumer price gains fell to 94.0% in November from 94.3% in October. The share of respondents forecasting lower prices rose to 2.5% from 2.3%.