Japan cut economic forecasts for the first time in two years as the key index extended its decline in September to a one-year low.
The index showed that the current economic conditions, consisting of data on factory production, employment and retail sales, fell by 3.8 points compared to the previous month, to 87.5 points.
This is the third consecutive month of decline, while the decline was the highest since May 2020.
The government downgraded its assessment of the index to “weakening” from “improving” to the first downgrade, after August 2019.
Stagnant shipments of cars and parts, as well as a slowdown in exports and factory production, contributed to the fall in the index.
The index, which is used to predict the direction of the economy a few months ahead, fell 1.6 points in September to 99.7 points.
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Source From: Capital
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