Connect with us

Popular World News

Japan maintains economic assessment in July report By Reuters

Bank of Japan policymakers saw prospects of quicker recovery in April By Reuters


Japan maintains economic assessment in July report By Reuters

© Reuters. FILE PHOTO: People cross a street in the Shinjuku shopping and business district in Tokyo, Japan May 17, 2017. REUTERS/Toru Hanai

TOKYO (Reuters) – Japan kept the overall assessment of its economy unchanged for a second straight month in July, retaining the view that conditions remain severe due to the impact of the coronavirus pandemic. In a monthly report approved by Prime Minister Yoshihide Suga’s cabinet on Monday, the government said full attention should be given to the way infection trends are affecting the domestic economy as well as those abroad. “The economy shows increased weakness in some parts, though it continued picking up amid severe conditions due to the coronavirus,” the government said in its July assessment of economic conditions. Authorities kept their view of key economic components such as private consumption – which accounts for more than half of gross domestic product (GDP) – as well as exports and output unchanged. They said Japan’s exports were gradually increasing due to a recovery of overseas economies. The government raised its assessment of business conditions for the first time in four months, largely because the Bank of Japan’s tankan business sentiment survey for April-June showed signs of recovery in business conditions. Authorities now describe business conditions as showing signs of picking up, although they say conditions remain severe in some areas. That was a notch better than the prior month’s assessment, when they said a pickup in business conditions was stalling. Japan’s economy likely barely grew in the second quarter, a Reuters poll showed last week, as it struggled with the fallout from coronavirus curbs in Tokyo and other major areas of economic activity, especially private spending. The government will release a preliminary estimate for second-quarter GDP on Aug. 16.
A fresh state of emergency in Tokyo that will run through the Olympic Games until Aug. 22 is expected to hurt economic growth this quarter. Analysts expected Japan’s economy to grow an annualised 4.2%, down from a 4.6% expansion projected last month.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

Continue Reading
You may also like...
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *


To Top
error: Content is protected !!