— Japan Nov Consumer Confidence Index 40.4 Vs Oct 40.9
— Japan Govt Downgrades View: Consumer Confidence Softer
TOKYO (MNI) – Japan’s Consumer Confidence Survey index fell to 40.4
in November from 40.9 in October, posting the fifth consecutive monthly
drop, on renewed concerns about job security and wage growth, the
Cabinet Office said Friday.
Consumers continued to believe it was not the right time to buy
durable goods, also hampering a recovery in confidence, the survey
showed.
The November index was the lowest since February 2010, when the
index rose to 39.8 from 39.0 in January.
The Cabinet Office downgraded its November assessment, saying,
“Consumer confidence is softer.”
Last month, it maintained the recent view that the confidence “is
nearly flat.”
In the November data, all of the four sub-indexes — overall
economic well-being, willingness to buy durable goods, income growth and
employment conditions — worsened from the previous month.
The index showing sentiment on asset values, which is not included
in the overall consumer confidence index, stood at 38.1 in November,
unchanged from October, after improving in October.
Respondents are not asked to provide reasons for saying whether
things are turning better or worse but the household sentiment appears
be dampened by the yen’s rise to 15-year highs against the dollar, which
hurts Japanese exports.
The end to the government’s subsidy program for promoting purchases
of energy efficient vehicles in September has depressed car sales.
The 0.5-point m/m decline in the November index followed the
0.3-point fall in October.
Compared to a year earlier, the overall index was still up 0.9%,
posting the 19 straight y/y rise.
The latest survey was conducted on Nov. 15, covering 6,720
households, of which 5,036 responded
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