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Japan's consumer confidence index posted a second straight monthly drop in October as all components worsened from the previous month, prompting the Cabinet Office to lower its assessment, data released by the Cabinet Office on Monday showed.
The consumer confidence index fell to 29.9 in October from 30.8 in September, the latest Consumer Confidence Survey data showed. The survey was conducted from October 6 to October 20. Bank of Japan officials are closely watching how the deterioration in consumer sentiment dampens private consumption.
The government lowered its assessment, saying, “Consumer confidence showed weak moves." Consumer confidence was hit by the rise in living costs caused by higher resource prices and the weak yen, possibly impeding private consumption.
The sub-index for asset prices, not included in calculating overall consumer confidence, stood at 35.0 in October, down from 35.5 in September.
The data also showed the share of respondents projecting consumer price gains over the year ahead rose to 94.3% in October from 94.0% in September. The share of respondents forecasting lower prices fell to 2.3% from 2.4%.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.