Japan maintains assessment that the economy is recovering

The Japanese government left its assessment of the nation’s economy unchanged for February, saying it is recovering moderately, despite some weakness.
The latest monthly report from the Cabinet Office cited a continued recovery in service-related consumption.

He says spending on meals, travel and other services continues to rise and new car sales are picking up.

The report notes that investment in facilities and equipment is picking up. He says that while the recovery is gradual amid high material costs, the push for digitization means investment in software is constant.

On the other hand, the report says that exports have been weak. He noted a decline in shipments to the rest of Asia, partly due to the spread of the coronavirus in China.

The report adds that consumer prices are rising, but producer price increases are slowing thanks to the lower cost of crude oil.

The government lowered its assessment of the economy in January for the first time in 11 months.