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Japan lowers its economic forecast for the first time since 2014

FXStreet (Mumbai) - The Japanese government lowered its economic forecast on Wednesday for the first time since 2014 and stressed on the ‘weakness’ in some areas of the economy.

Japan's monthly cabinet office report sees "a moderate recovery while weakness can be seen in some areas". The key change in the sentence was the replacement of the word ‘slowness’ seen in last month with ‘weakness’ this month.

"The economy is in a gradual recovery trend, but there are some pockets of weakness," the Cabinet Office said in its monthly economic report. "Recently, industrial output has weakened."

The government also downgraded its view of industrial production as factory activity contracts. The report also said the exports are weakening and the Consumer spending is holding steady, while Capital expenditure is showing signs of recovery.

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