Japanese consumer confidence at highest level in almost two years

• Source: Xinhua
• [18:38 October 14 2009]
• Comments

Consumer confidence in Japan hit a 23-month high of 40.5 in September, as data continues to show the nation is beginning to gradually climb out of its worst recession in more than a generation, according to data released by the Bank of Japan (BOJ) on Wednesday.

The confidence index, which is calculated by asking 6,720 households a series of questions on the economy as a whole and the financial state of their home and the averaging out the result, was at its lowest ever point last December, scoring 26, but since then the score has risen for nine consecutive months.

Data released in the last two months show that Japan's economy is slowly beginning to stabilize and confidence is beginning to return to the economy.

On Oct. 1, the Tankan survey showed that business leaders have begun to grow in confidence over the summer.

Also on Wednesday, the BOJ expressed its belief that the economy was heading for better times.

"Public investment has been increasing, and exports and production have also been rising against a backdrop of progress in inventory adjustments both at home and abroad as well as a recovery in overseas economies, especially emerging economies," said the BOJ in a report.