Japan’s government cut its outlook on the economy for the first time in a decade on Wednesday, citing weak demand weighing on capital spending and consumer spending, Reuters reported.
Key quotes
“The economy is recovering slightly, although some areas have come to a standstill recently,”
“While business conditions and corporate earnings continue to improve, the strength of the corporate sector is not necessarily reflected in wages and investment,”
“Domestic demand, such as business investment and consumer spending, lacks strength,”
Market reaction
At press time, the USD/JPY pair is down 0.15% on the day and is trading at 148.16.
