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Financial News: Japan Lowers Economic Assessment

Japan Lowers Economic Assessment

05/24/2019 - 08:58:00 (RTTNews)

(RTTNews) - Japan's government trimmed its economic assessment citing weak exports and industrial production, according to the monthly report released by the Cabinet Office, on Friday.

Nonetheless, the government said the Japanese economy is recovering at a moderate pace.

Downgrading the assessment of industrial production, the office said, "Industrial production is in a weak tone recently."

The government also lowered its view on business investment. The report said business investment is on the increase at a moderate pace, while weakness is seen recently in machinery investment.

Amid escalating US-China trade disputes, the cabinet office said exports are in a weak tone.

The office added that looking ahead to the consumption tax rate hike planned for October 1, 2019, the government will take all possible measures towards economic and fiscal management.

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