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Japan's government lowers exports view
Reuters reports that Japan's government in March cut its view on exports for the first time in 10 months, and said overall economic conditions were still showing weakness due to the coronavirus pandemic.
"The economy shows some weakness, though it continued picking up amid severe conditions due to the coronavirus," the government said.
Among key economic elements, the government slashed its assessment of exports, a key driver of Japan's trade-reliant economy, for the first time since May, saying they were increasing at a slower pace.
Behind the downgrade was a slowdown in car exports, which showed signs of flattening out after manufacturer's front-loaded shipments ahead of an expected recovery from the health crisis, especially in the United States, a government official said.
Analysts expect Japan's economy to shrink sharply in the current quarter as the emergency that ended on Sunday weighed on business activity and consumer spending.
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