Japan’s government cut its view on the overall economy in February for the first time since April last year as an extended state of emergency to curb coronavirus infections battered consumer spending, APA reports citing Reuters.
Analysts expect the world’s third-largest economy to shrink in the current quarter as renewed COVID-19 restrictions in Tokyo and some prefectures weigh on business activity and household spending.
“The economy shows some weakness though it continued picking up amid severe conditions due to the coronavirus,” the government said in its economic report for February.
The government slashed its assessment on consumer spending for a third straight month, saying it has shown weakness recently, as people avoided eating out and travelling.
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