Public Administration News
Share
 |
Japan: Govt Revises Down Economic Assessment |
| Source: |
yomiuri.co.jp |
| Source Date: |
Wednesday, August 29, 2012 |
| Focus: |
ICT for MDGs
|
| Country: |
Japan |
| Created: |
Sep 04, 2012 |
|
The government revised down its basic economic assessment for the first time in 10 months in its monthly report released Tuesday, as slack overseas demand hits the nation's exports and production.
"The Japanese economy is on the way to recovery at a moderate pace," the government said in the August report. It newly noted that "some weak movements are seen recently."
The government kept unchanged its view that the economy is continuing to pick up, led by domestic demand, but the downgrading came as some weak moves have been detected in exports and production, a senior Cabinet Office official said in a briefing on the report.
Behind the weaker view was a slowdown in the global economy, for which the government revised down its assessment for the first time in two months.
While Europe moves deeper into the mire amid the region's debt crisis, Japan's major trade partners such as China and the United States are also seeing deceleration.
In the August report, the government revised down its assessment on Japan's exports for the first time in seven months. It cited generally weak overseas demand, including for general machinery from Asia and the European Union.
The government also lowered its view on industrial production for the first time in 10 months, saying that the sector has "leveled off recently," as sluggish exports put a drag on production activities.
Among other sectors, private consumption is "on the increase at a moderate pace," the government said, somewhat lowering the assessment.
It called for caution over possible pullbacks in consumer spending after the positive impact of subsidies for fuel-efficient vehicles dissipates following the expected termination of the program soon.
Also subject to downward revisions were housing construction and imports, both of which have shown flat performances, according to the report.
In contrast, the government upgraded its view on employment, saying the situation "shows signs of improvement."
Looking ahead, the report said the economy will feel an impact from the deceleration in the global economy for the time being, while demand for rebuilding areas hit by the March 2011 earthquake and tsunami is expected to continue underpinning the economy.
|
|
|
|
|
|
 Tag This |
Japan: Govt Revises Down Economic Assessment The government revised down its basic economic assessment for the first time in 10 months in its monthly report released Tuesday as slack overseas demand hits the nation's exports and production
 Tell A Friend |
|
 del.icio.us digg this Slashdot |
| Comments: |
0 |
Favorited: |
0 |
Bookmarked: |
0 |
Tagged: |
0 |
|
|
|
|