Japan Lowers Economic View For Ist Time In 5 Months On Protracted Slump In Exports

Japan lowered its economic view on Friday for the first time in five months, owing to a protracted slump in exports which have impacted production

TOKYO, (UrduPoint / Pakistan Point News - 18th Oct, 2019 ) :Japan lowered its economic view on Friday for the first time in five months, owing to a protracted slump in exports which have impacted production.

The Cabinet Office said in its latest monthly report that the economy "is recovering at a moderate pace," while noting that a weakness has been lasting longer mainly in exports and that exports are in a "weak tone." The office said that while business investment is increasing at a moderate pace, weakness has been seen in machinery investment and the tone of industrial production is also weak.

The office initially cut its overall assessment in May, although there was an upturn in July, but in its latest assessment the office highlighted that "attention should be given to situations in overseas economies," and that attention should be given to the outcome of Britain leaving the European Union.

It added that "consumer sentiment after the consumption tax increase" should also be given due attention, as well as "full attention" be given to "the economic impact of the successive natural disasters including Typhoon No. 19 of 2019." Typhoon Hagibis, the 19th of the season, wreaked extensive damage across Japan last weekend, claiming the lives of over 70 people and leaving 2,400 homes partially or completely destroyed.

The government said on Friday that at least 25,000 hectares on the country's main island of Honshu have been inundated due to the record rainfall caused by the most powerful typhoon hitting the nation in decades.

As for employment, the office maintained that the situation is improving steadily, although "consumer prices are rising at a slower tempo recently."