In his February economic assessment report, the Japanese government cuts the general forecast of the economy for the first time in five monthsin the face of the outbreaks of the covid Omicron variant.
Outstanding conclusions:
Private sector economists have cut Japan’s current quarter growth forecast to near zeroif not to a contraction”.
“The economy continues to recover, but some weaknesses are seen as severe conditions due to the coronavirus persist.”
“The government lowered its assessment of private consumption for the first time since Septembersaying that the recovery seemed to be stalled lately.”
“Restaurants, transportation, hotels, travel — consumption across all of these services has been weak since the end of January.”
“The government made its first capital expenditure assessment update in 10 monthsreflecting strong business expense numbers in fourth quarter gross domestic product data.”
“The government modified its opinion on wholesale inflation by adding a reference to its gradual increase.”
Source: Fx Street
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