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The consumer confidence index fell to 33.1, down from 38.6 in March, according to the Cabinet Office. The ministry also downgraded its assessment on consumer confidence. People refrained from spending money on going to amusement parks or drinking and eating to respect those living in disaster areas," said Masaki Kaano, chief economist at JP Morgan Securities. There is no massive downward trend and there are signals of a bounce," said Naomi Fink, Japan strategist at Jefferies in Tokyo. Spending is likely to rebound, as consumers' concerns are not centred around job security - as they were in the aftermath of the global economic crisis in 2008, said Ms Fink. There are signs that consumer mood was already recovering at the end of April, which coincided with the start of a week-long holiday in Japan called Golden Week. Another factor lifting spirits has been the end of the Buddhist mourning period. Consumer sentiment changed positively when Golden Week started, and that uptrend remains unchanged into May," said Mr Kaano.
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