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Ekonomické zprávy

The Japanese government unexpectedly revised its assessment of the economy

A monthly report from the Cabinet of Ministers of Japan showed that the government has worsened its opinion on the economy as a whole, citing the weakening of trade due to the global economic downturn. The government has also worsened the assessment of exports, imports and bankruptcies.

"Some sectors of the economy are showing weakness, while the economy as a whole is growing moderately. We expect that the Japanese economy will continue to expand, but the government should closely monitor the consequences of the spread of infections in China after the lifting of coronavirus restrictions," the report said.

Meanwhile, the government maintained its assessment of domestic demand, saying private consumption was "growing moderately." But the government said that the recovery of industrial production has stalled, unchanged from its view in December..

Last week, the Bank of Japan lowered its forecast for GDP growth in the 2022 fiscal year, which ends in March, to 1.9% from 2%, citing a slowdown in economic growth abroad and high commodity prices. In 2023, the GDP is expected to increase by 1.7% against the previous estimate of 1.9%. It is also expected that inflation will be about 3% this fiscal year, and will slow down to 1.6% next fiscal year.

The latest data indicated an acceleration of inflation in Japan, which raised expectations of a change in monetary policy by the Bank of Japan. Consumer prices in Japan excluding fresh food (a key indicator tracked by the Central Bank) rose in December by 4% per annum - the fastest pace since December 1981. The indicator exceeded the 2 percent target of the Bank of Japan for the ninth month in a row. Overall inflation in Japan was 4% per annum, accelerating from 3.8% in November, and reaching the highest level since January 1991.

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