Japan's monthly cabinet office report shows a downward revision to its economic view

  • first cut in outlook since Oct 2014
  • sees "a moderate recovery while weakness can be seen in some areas"
  • industrial production view downgraded as factory activity contracts and inventories rise

The key word change from last month's report is "weakness" vs "slowness"

The assessment places Abenomics under greater scrutiny and gives rise to further speculation about BOJ easing on 30 Oct

No real change in USDJPY though but ticking up to 119.67 from 119.60