MNI BRIEF: Japan October Confidence Posts Second Straight Rise

Japan's consumer confidence index in October posted a second straight rise in October two of the four components improved from the previous month and the Cabinet Office upgraded its assessment, data released on Friday showed.

The index rose to 39.2 in October, the highest since May 2019 when it was at 39., from 37.8 in September, the Consumer Confidence Survey showed. The survey was conducted from Oct. 7 to Oct. 20.

The Cabinet Office said, an "upward revision is the first since June" An official at the Cabinet Office told reporters that the government deleted the wording "severe" as the index recovered to a pre-pandemic level (38.4 in February 2021). Consumers were more optimistic on income conditions and the labor market situation but less optimistic on the overall economic well-being and the willingness to buy durable goods.

The sub-index on asset prices, not included in calculating overall consumer confidence, stood at 40.3 in October, down from 42.2 in September. The share of respondents projecting consumer price gains rose to 85.9% in October from 82.5% in September. The share of respondents forecasting lower prices fell to 3.1% in October from September's 3.9%.