TOKYO—Japan cut its economic view for the first time in four months as a surge in COVID-19 cases disrupted manufacturers’ global supply chains and dampened consumer confidence. In a monthly assessment approved by the cabinet on Thursday, the government pointed to domestic and overseas virus situations as evident downside risks to the country’s economic recovery. “The economy continued picking up amid severe conditions due to the coronavirus, but the pace has recently been slowing,” the government said in its September report. Among key economic elements, authorities downgraded their view of production for the first time in 17 months, and private consumption for the first time in four months. “Automobile production weakened lately … as parts supply shortages due to COVID-19 outbreaks in Southeast Asia have had material impacts on carmakers,” a government official told reporters before the cabinet approved the report. Together with chip shortages and slowing recoveries in major …
Japan Cuts Economic View on Weaker Production, Spending Due to COVID-19 Revival
September 16, 2021
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