Japanese Consumer Confidence Slips to Multi-Decade Low

Japan August consumer confidence eroded further to 30.1 NSA from 31.4 in June, representing new lows in data back to 1982. The slippage reflected continued anxiety surrounding the weakening Japanese economy, and came despite some relief from easing energy prices after households have been squeezed by this year’s run-up in food & energy prices. Sentiment measures have deteriorated around the world this year, but the Japanese index failed to echo the firming in U.S.consumer confidence in July-August on the pullback in oil prices from recent highs. Among the individual components, overall livelihood slipped to 28.5 NSA in June from 29.3 in June, employment to 28.4 from 30.7, willingness to buy durables 28.3 from 29.2, and the income component to 35.0 from 36.3, all representing multi-year lows.