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Japan’s economic assessment is a "de facto downgrade" – Japan’s Murayama

FXStreet (Mumbai) - Japan's government effectively lowered its assessment of the current economic climate for the first time since October last year, with an official saying rising corporate profits have failed to revive inanimate consumption and business investment, MNI reports.

In its monthly report for September, the government continued to say the domestic economy is on a "moderate recovery" trend but noted it has some soft spots: consumer spending is sluggish, exports are weak and business sentiment is flat.

In an unprecedented move, the government declined to say officially in its report whether it is downgrading its view.

However, Yutaka Murayama, director of macro-economic analysis at the Cabinet Office, noted, the overall judgment is "weaker than last month" and "closer to a downgrade." He said he would not deny it is a "de facto downgrade."

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