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Japan's consumer confidence picked up in February, with optimism higher in all major components of a leading survey, prompting the Cabinet Office to upgrade its assessment.

The latest Consumer Confidence index rose to 33.8 in February from 29.6 in January, the latest Survey data published Thursday showed.

Consumers were more optimistic in all four key sub-sectors: overall economic well-being, income conditions, the labour market situation and the willingness to buy durable goods.

ASSESSMENT UPGRADED

The Cabinet Office upgraded its assessment from the previous month, noting that consumer sentiment showed signs of recovering, although the situation remains severe.

The sub-index on asset prices, not included in calculating overall consumer confidence, rose 5.5 point to 40.2 after falling 0.9 point to 34.7 in January.

The share of respondents projecting consumer price gains rose to 69.8% in February after falling to 65.4% in January. The share of respondents forecasting lower prices fell to 9.4% in February from January's 11.8%.