Japan cuts its overall economic assessment for the first time in ten months
The government says that overall conditions are improving from a severely low base but consumer spending was weakening again. Adding to that is a downgrade to its view of private consumption for the first time since October last year.
There is some positives though as the government upgrades its assessment on capital spending, imports and corporate earnings amid improving overseas trade.
Despite the virus situation improving, the cut here may be in part politically driven as it sets the stage for more economic stimulus to be injected down the road.
