TOKYO : Japan cut its view on the overall economy for the first time in 11 months in January, as China's COVID-19 infections and a slowdown in global demand for tech and semiconductors hurt exports, especially to Asia.The government expects the economy, the world's third largest, will pick up going forwar
TOKYO : Japan cut its view on the overall economy for the first time in 11 months in January, as China's COVID-19 infections and a slowdown in global demand for tech and semiconductors hurt exports, especially to Asia.
The economic downgrade followed the Bank of Japan's move last week when it slashed its economic growth projections for the next two fiscal years amid worries that slowing global demand will weigh on Japan's export-reliant economy. The authorities slashed its assessment on exports for the first time since November 2011, while it also cut its view on imports for the first time in three months. The January report said both exports and imports are"weakening recently" compared with its previous view of"almost flat" last month.
The government also remained cautious over downside risks from the global economic slowdown amid monetary tightening, inflation and financial market fluctuations.
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