Japan’s Govt maintains economic assessment, upgrades view on exports and output

In its September economic report, the Japanese maintained its overall assessment of the economy while upgrading its view on exports and output.

Key takeaways

Still sees the economy in a severe situation.

Upgraded its views on exports and factory output for a third straight month and raised its assessment on the employment situation for the first time since January 2018.

Downgraded its view on consumer spending for the first time in five months, saying it was “picking up” - as in the August report - but adding that it remained weak, along with business spending.

Separately, Japanese Economy Minister Yasutoshi Nishimura said that he feels consumers' willingness to spend is solid.  

Meanwhile, the Bank of Japan (BOJ) Governor Haruhiko Kuroda said that the tension in financial and capital markets due to coronavirus outbreak has eased, as cited by a government official.

Market reaction

USD/JPY trades listless around 105.40, awaiting a fresh impetus from the US Jobless Claims data.

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