Japan Cuts Economic Assessment as BNP Says Contraction Looms |
| Bloomberg - Aug 27, 2012 |
Japan’s government downgraded its assessment of the world’s third-biggest economy for the first time in 10 months as some analysts forecast that gross domestic product will shrink this quarter.
Risks include a “further slowing down of overseas economies and sharp fluctuations in the financial and capital markets,” the Cabinet Office said in a monthly report released in Tokyo today.
The government cut its view on personal consumption, home- building, exports, imports and industrial production, while raising its assessment of the labor market. It lowered its evaluation of the U.S., Europe, China, the rest of Asia except India, and the global economy, saying Japan’s overseas shipments are “growing weaker.”
The Nikkei 225 Stock Average gained 0.5 percent as of 9:25 a.m. in Tokyo as investors await U.S. economic data and an Aug. 31 speech by Federal Reserve Chairman Ben S. Bernanke to gauge the outlook for that nation’s monetary policy.
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- Posted: 2012-08-27 21:33:20
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