MNI BRIEF: Japanese Consumer Confidence Rises Further

Japan's consumer confidence index posted its sixth straight rise in March, up 0.5 points to 39.5, as all components improved over the previous month, easing concern over weaker spending and prompting the Cabinet Office to maintain its assessment, data released on Tuesday showed.

March’s rise supported the Bank of Japan’s view that private consumption has been resilient, despite the impact of price rises and developments, such as a decline in automobile sales due to the suspension of production.

The sub-index on asset prices, not included in calculating overall consumer confidence, stood at 46.3 in March, up from 45.5 in February. The share of respondents projecting consumer price gains rose to 92.4% from the prior month's 91.5. The share of respondents forecasting lower prices stood at 2.4% in March, down from 2.6% in February.

MNI reported last month the BOJ wants to see strong services inflation ahead of further policy adjustment. (See MNI POLICY: April Services Data Key For Further BOJ Rate Move)