Japanese consumer confidence deteriorated in November for the second straight month, partly reflecting a spike in vegetable prices, the government said Monday, downgrading its assessment for the first time in nine months.
The seasonally adjusted index of sentiment among households made up of two or more people fell 1.4 points to 40.9, the Cabinet Office said. Drops in consumers’ assessment of employment conditions and readiness to buy new durable goods were also factors in the decline.
The government lowered its basic assessment of the index, saying “the pace of pickup has slowed,” as all four of the index’s components dropped for the second consecutive month for the first time in two years.
The survey polls consumers regarding the economic outlook for the coming six months.
Consumers’ assessment of livelihoods fell 1.3 points to 40.1 as vegetable prices soared due to bad weather in Japan, a government official said.
Their assessment of employment conditions slipped 2.3 points to 42.5 on increased concern about unstable working conditions, she said.
On the impact of the victory of Republican candidate Donald Trump in the U.S. presidential election, the official said the initial decline in the stock market negatively affected consumers’ assessment of their asset value as well as their livelihoods.