Japan's government on Thursday offered its bleakest assessment of the economy in over a decade as the fallout from the coronavirus pandemic threatens to tip the world's third-largest economy into a deep recession.
TOKYO - Japan’s government on Thursday offered its bleakest assessment of the economy in over a decade as the fallout from the coronavirus pandemic threatens to tip the world’s third-largest economy into a deep recession.
Private consumption is “falling sharply” as the pandemic forces households to stay home, while plunging demand in key export destinations like the United States and Europe is hurting Japanese manufacturers, the government said in its monthly report for April. The widening fallout from the pandemic has added further pain to an economy already on the cusp of recession, with service-sector sentiment slumping to a historical low.
The dismal assessment is likely to affect how the Bank of Japan describes the economic outlook when it meets for a rate review on April 27-28.
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