Japan’s consumer morale drops

Japanese consumer confidence in November worsened from the previous month, a Cabinet Office survey showed yesterday, suggesting that turmoil from Europe's debt crisis and slowing global growth are weighing on sentiment. The survey's sentiment index for general households, which includes views on incomes and jobs, was 38.1 in November, down from 38.6 in October. The Japanese Cabinet Office downgraded its assessment to say that consumer confidence is almost flat. Previously, it had said the pace of pickup in consumer confidence was moderating. Any reading below 50 suggests consumer pessimism.