FXstreet.com (Barcelona) - The Japanese Government has cut the economic assessment in August, first time it downgrades the outlook since October 2011. According to government sources, the economy remains in moderate recovery led by rebuilding after earthquake. Economic outlook to be affected by global slowdown but reconstruction-led recovery to continue. Further global slowdown are an increasing risk for Japan. Exports, imports, industrial output, personal consumption, and housing construction, were all areas cut in the assessment. In contrast, the employment situation was upgraded.