URGENT: Japan cuts economic assessment as virus emergency dampens spending

Politics Economy Society

The government downgraded Wednesday its key assessment of Japan's economy for the first time in three months as consumption was further dampened under the extended state of emergency over the coronavirus pandemic. The Japanese economy shows "further" weakness in some components and remains in a severe situation due to the coronavirus pandemic, the Cabinet Office said in its monthly report for May describing the overall situation for the Japanese economy, but added there are continued signs that it is picking up momentum. In the previous month, the report said the economy showed weakness in som...

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