URGENT: Japan downgrades key economic assessment for 1st time in 10 months

The government downgraded on Friday its key assessment of Japan’s economy for the first time in 10 months, saying it is showing “weakness in some components” as consumption is slowing under the ongoing state of emergency over the coronavirus pandemic. “The Japanese economy shows weakness in some components” and remains in a severe situation due to the coronavirus pandemic although it continues to show signs of picking up, the Cabinet Office said in its monthly report for February describing the overall situation of the Japanese economy.

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