Economy

Govt Keeps Economic View Unchanged in April

Yomiuri Shimbun file photo
The Cabinet Office is seen in the Kasumigaseki area of Chiyoda Ward, Tokyo, on May 22.

Jiji Press

10:30 JST, April 26, 2023

TOKYO (Jiji Press) — The government kept its basic economic assessment unchanged in a monthly report released Tuesday.

“The Japanese economy is picking up moderately, although some weaknesses are seen,” said the April report, compiled by the Cabinet Office.

The report said private consumption is “picking up moderately.” Although spending on goods remains weak, increased expenditure on services, including at restaurants and bars, shored up the overall private consumption, according to the Cabinet Office.

Thanks to wage hikes and the normalization of social and economic activities, consumer confidence is picking up after weakening last year due to higher prices, according to the Cabinet Office.

In the April report, the government revised up its assessment on imports for the first time since July 2022, saying the sector is basically flat. The March report said imports were in a weak tone.

The government’s assessment was left unchanged for all other sectors of the economy, except slight tweaks in wording.

The government again referred to slowdowns in foreign economies following interest rate hikes and to financial market fluctuations as downside risks to the Japanese economy.