Japan's consumer sentiment plummets

Japan's consumers became the most pessimistic they've been in at least 26 years, making it unlikely they will spend to support an economy weakened by slower global demand and falling stock prices.

The confidence index dropped to 29.4 last month from 31.4 in September, the Cabinet Office said yesterday in Tokyo. It's the lowest since the government began compiling the figures in 1982.

Prime Minister Taro Aso last month promised to give 2 trillion yen ($20 billion) to households to alleviate pain from the economic slump. Tumbling stocks and falling profits are adding to consumers' anxiety about paychecks and jobs, making it harder for them to support the world's second-largest economy.