Japan exports seen ‘picking up’

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    Japan’s economy shrank an annualized 28.1 percent in the April-June period. (Reuters Photo)
    Japan’s economy shrank an annualized 28.1 percent in the April-June period. (Reuters Photo)

    TOKYO- Japan’s government upgraded its view on exports, factory output and the job situation in its September economic report but said the overall assessment was unchanged from last month with Japan still struggling with the coronavirus pandemic.

    The government said exports were “picking up”, bettering the August assessment that they showed signs of recovery. A rebound in the economies of major trading partners was underpinning Japan’s exports and factory output, the report said.

    The world’s third largest economy suffered its worst postwar contraction in the second quarter, but has shown some signs of life after the government lifted a nationwide lockdown in late May.

    With consumers and businesses still cautious as the country continues to battle the outbreak, the government downgraded its view on consumer spending and business expenditure in the monthly report released on Thursday.

    “The economy remains in a severe condition due to the coronavirus impact but it is showing signs of picking up recently,” the government said in the report.

    Japan’s economy shrank an annualized 28.1 percent in the April-June period, contracting for a third consecutive quarter. —Reuters