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Financial News: Japan Govt Downgrades Economic Assessment

Japan Govt Downgrades Economic Assessment

05/26/2021 - 06:44:00 (RTTNews)

(RTTNews) - Japan's government downgraded its economic assessment citing the impact of the coronavirus pandemic on consumer spending and business conditions.

In the monthly report, released Wednesday, the Cabinet Office said that the Japanese economy shows weakness in some components further, although it remains in picking up in a severe situation due to the Novel Coronavirus.

Downgrading its view on household consumption, the government said private consumption shows weakness further recently, especially in service spending.

The government also lowered its view on business conditions, saying that current business conditions appear to be pausing for picking up, while some severe aspects still remain.

The report said business investment is picking up and exports continue to increase moderately. The office repeated that industrial production is picking up.

Concerning short-term prospects, the office observed that the economy is expected to show movements of picking up, supported by the effects of the policies and improvement in overseas economies while the socio-economic activities will be resumed with taking measures to prevent the spread of infectious diseases.

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