Japan Consumer Confidence April 2018


Japan: Consumer confidence weakens in April

May 2, 2018

Consumer sentiment unexpectedly declined in April, dropping from 44.3 in March to 43.6, the lowest level in eight months. The reading surprised to the downside, as market analysts had expected the index to rise to 44.5. The consumer confidence index measures consumers’ expectations for the next six months on a scale of 0–100; a figure of 100 indicates that all respondents see their living standards improving.

Looking at the breakdown of the print, the decline was across the board. Consumers had a much more pessimistic view on employment prospects. Households’ assessment on their overall livelihood and their willingness to buy durable goods also worsened notably. Income growth, however, reported a milder decline. On the price front, expectations of higher prices increased in April, with 82.3% of the respondents (up 2.5 percentage points from last month’s survey) expecting that prices will trend higher.

FocusEconomics Consensus Forecast panelists expect private consumption to rise 0.8% in 2018, which is unchanged from last month’s forecast. In 2019, the panel sees private consumption growing 0.9%.


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Japan Consumer Confidence Chart

Japan Consumer Confidence April 2018

Note: Index of consumer sentiment. The 50-threshold represents the point above which consumers expect economic conditions to improve.
Source: Cabinet Office (CO).

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