Japan cuts economic assessment for 1st time in five months

TOKYO, Mar 23 (KUNA) — The Japanese government on Wednesday downgraded its assessment of the country’s economy for the first time in five months, mainly due to weak consumer spending and corporate sentiment.
“The Japanese economy is on a moderate recovery while weakness can be seen recently,” the Cabinet Office said in its monthly report for March.
In the February report, the Cabinet office said weakness can be seen “in some areas.” It was the first downward revision of the basic economic assessment since October last year. The Office lowered its assessment of private consumption, saying it is “flat and consumer sentiment appears to be pausing.” It has also cut its view of corporate sentiment but upgraded its assessment of business investment and exports.
The world’s third-biggest economy contracted at an annual 1.1 percent pace in the last quarter of 2015. (end) mk.ibi