Consumer sentiment up in May

Jiji Press

12:32 JST, June 2, 2022

TOKYO (Jiji Press) — Consumer sentiment in Japan improved for the second straight month in May, government data showed Tuesday, as social and economic activities were resuming amid falling coronavirus infections.

The seasonally adjusted consumer confidence index for households with two or more members rose 1.1 points from the previous month to 34.1, the Cabinet Office said in a survey report.

The Cabinet Office revised upward its basic assessment based on the monthly survey, saying that consumer sentiment showed signs of stabilizing. Its previous view was that the sentiment showed signs of weakness.

“There is a need to keep a close watch on implications for consumer sentiment coming from the Ukraine situation and a resurgence of the coronavirus in China,” a Cabinet Office official said.

In the May survey, meanwhile, the proportion of respondents who predicted prices would rise in a year edged up 0.7 points to 94.4%, hitting a record high for the fourth straight month.