MNI BRIEF: Japan Sept Consumer Confidence Index Rises
MNI (TOKYO) - Japan's consumer confidence index rose 20 basis points to 36.9 in September as three out of four components increased over the previous month, but the government left its assessment noting consumer confidence is marking time, results from the latest Consumer Survey released by the Cabinet Office on Wednesday showed.
The index linked to overall economic well-being fell but the indexes linked to income conditions, the labour market and the willingness to buy durable goods rose. The sub-index on asset prices, not included in calculating overall consumer confidence, stood at 40.2 in September, up from 40.0 in August.
The share of respondents projecting consumer price gains rose to 93.1% in September from 92.1 in August for the first rise in three months. The share of respondents forecasting lower prices stood at 2.0% in September, down from 2.3% in August. The share of respondents who expected the consumer price index to rise more than 5% a year ahead rose to 46.6% in September from 42.7% the prior month.
Bank of Japan officials expect private consumption to hold strong despite price hikes as income conditions improve. (See MNI POLICY: BOJ Hikes To Weather Weaker Consumption)