According to a Cabinet Office report, Japanese consumer confidence improved for the first time in seven months in January. Household consumer confidence increased to 41.1 in January from 40.1 in December. Economists had expected an increase to 40.3. Households are defined as having two or more people and a reading below 50 indicates the pessimists outweigh the optimists.

Details of the report showed the employment index rose 2.2 points to 38.6 and the income index rose 0.2 points to 41.0. The overall assessment of consumer sentiment was upgraded by the Cabinet Office from "weakening" to "almost leveling off."

In other news, the Japan Machine Tool Builders' Association said machine tool orders grew 89.4% in January from the same month last year, compared to 64% the month prior. Machine tool orders is a leading indicator of business capital spending, and increases indicate stronger business confidence and an improved future outlook.