Japan upgraded its overall outlook for the economy for the first time in three months in Julysignaling a broader recovery in economic activity as the COVID-19 pandemic faded, Reuters reported in publishing the July economic report.
Key comments
The improvement was largely due to the government becoming more positive on consumption and employment, amid hopes that strong consumer activity will help shield the economy from growing risks of a slowdown in world demand.
The Government raised its opinion on the private consumptionstating that he was picking up gently as he became more optimistic about spending on services such as overnight stays and transportation.
The government raised its opinion on employment conditions, reporting a upward trend in the number of workersadding that the number of women in regular employment was increasing.
However, the Government warned that it was necessary to pay attention to downside risks from rising raw material costs and supply constraintsas well as fluctuations in financial and capital markets amid tightening monetary conditions around the world.
Source: Fx Street
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