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- Japan сuts economic assessment amid emergency extension
Japan сuts economic assessment amid emergency extension
Bloomberg reports that Japan’s government cut its assessment of the economy for the first time in three months, after the country was forced to extend its third state of emergency following a jump in coronavirus cases.
The Cabinet Office said it saw further weaknesses in some parts of the economy, using stronger language than last month to describe the frailness. Still, it continued to describe overall conditions as improving from a severely low base.
The government downgraded its view of business conditions and also consumer spending, noting weakness in service-related outlays.
Japan’s domestic economy is mired in a third state of emergency to try to contain the virus, with local media reporting the government may extend restrictions for a second time, until June 20, just about a month before the Tokyo Olympics are set to start.
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