Japan MOF Revises Down Economic Views for All Regions

Economy Politics

Tokyo, April 27 (Jiji Press)--Japan's Ministry of Finance revised down its economic assessments for all 11 regions in the country for the first time in about 11 years, reflecting the fallout from the new coronavirus outbreak, a quarterly report showed Monday.

The ministry also downgraded its overall assessment of the Japanese economy for the first time since October 2012, saying that the situation is "extremely serious."

It is the first time ever for the ministry to use the wording.

The overall assessment reflects reviews of the economic conditions of the 11 regions in the past three months conducted mainly by the ministry's local finance bureaus.

The ministry had been using the word "recovering" in its overall economic assessment.

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Jiji Press