In its May report, the Japanese government slashed its economic view for the first time in three months, in the face of the impact of the COVID-19 state of emergency.
Additional takeaways
"The economy shows increased weakness in some parts, though it continued picking up amid severe conditions due to the coronavirus,"
“The government cut its assessment of the overall economy for the second time this year, after also doing so in February, which was its first downgrade in 10 months.”
“The government also lowered its view on business conditions, as a pickup showed signs of stalling.”
“Exports continued to increase moderately, while production and capital spending were picking up, all unchanged from the previous month.”
Market reaction
USD/JPY is bouncing in sync with the US dollar, as it looks to regain 109.00. The spot was last seen changing hands at 108.91, up 0.16% on the day.
