(MENAFN - Kuwait News Agency (KUNA)) The Japanese government downgraded its assessment of the country's economy for a fourth straight month on Friday, as exports and industrial production remain sluggish amid the global slowdown.
"The Japanese economy shows weakness recently due to deceleration of the world economy," the Cabinet Office said in its monthly report for November. In the October report, the Cabinet office said the economy was in a weak tone but there were steady movements in some areas.
It is the first time the downturn trend continued four months in a row since the collapse of US investment bank Lehman Brothers Holdings Inc. in 2008, which led to the government lower its assessment for five months through February 2009.
The report maintained its assessment of exports and factory output, saying, "Exports are sluggish and industrial production is decreasing," reflecting weakening shipments to Europe, the US and Asian countries due to the global economic slowdown.
On Monday, the government said Japan's export-led economy shrank an annualized 3.5 percent in the July-September period, marking the first contraction in three quarters. The office cut its view of consumer spending, business investment, employment and corporate profits, but raised assessment on US and Chinese economies.