Govt Keeps Its Assessment of Economy Unchanged in June

Jiji Press

11:09 JST, June 23, 2023

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

“The Japanese economy is recovering at a moderate pace,” the Cabinet Office said in the June report.

By category, the government upgraded its view on the employment situation for the first time in 11 months, saying that the situation “has shown movements of improvement recently.”

In the May report, the government said the employment situation was “picking up.”

The employment rate has been standing above levels seen before the coronavirus crisis and the jobless rate has started falling, a Cabinet Office official said.

“Even smaller companies have made progress in raising wages, with data showing that over 50% of them are set to raise employee pay by at least 3% this fiscal year,” the official added.

The government changed the wordings for its assessments on corporate profits and producer prices in Japan while keeping unchanged its assessments for all other categories, including private consumption.