JAPAN CUTS ECONOMIC ASSESSMENT AS BNP SAYS CONTRACTION LOOMS
Andy Sharp and Keiko Ujikane
Bloomberg, August 28, 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. It cut an evaluation of the global economy.
The government lowered its view on personal consumption, home-building, exports, imports and industrial output, while raising its assessment of the labor market. The Bank of Japan next meets on Sept. 18 and 19 to review monetary policy, while global investors are awaiting an Aug. 31 speech by Federal Reserve Chairman Ben S. Bernanke to gauge the outlook for stimulus in the world’s biggest economy.
“Europe’s debt crisis is having the effect of a body blow to Japan’s economy,” said Yoshimasa Maruyama, chief economist at Itochu Corp. in Tokyo. “Concerns over Japan’s economic outlook will probably build pressure on the BOJ to apply more monetary stimulus,” said Maruyama, who says the central bank could move in October.
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