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TOKYO (Reuters) – Japan advanced its overview of the economy for the first time in three months in July, indicating a broader economic recovery as the slowdown from the COVID-19 pandemic continues to fade.
This update is largely due to the fact that the government has a more positive attitude about admission and employment in the hope that strong customer activity will help protect the economy from emerging risks from slowing global demand.
“The economy is slowly recovering,” the government said in its July economic report, describing the world’s third-largest economy in the same way it had since May 2013.
The government has raised its opinion on personal consumption, saying it is slowly recovering as it becomes more positive about spending on overnight stays and transport.
Analysts have been less positive about Japan’s personal consumption, which accounts for more than a portion of the economy, warning of the likelihood that emerging costs will reduce consumption.
The economy is expected to return to expansion in the current quarter after a contraction in January-March, its recovery has been affected by prolonged disruptions in the source of spare portions and high-tech chips.
In the July report, the government set out its outlook on employment conditions, noting an upward trend in the number of workers, adding that the number of women in normal jobs is increasing.
The Government also set out its outlook on imports, which reflects the strength of domestic demand.
However, the government has warned that attention should be paid to the dangers of problems similar to emerging commodity prices and source constraints, as well as fluctuations in economic and capital markets in a context of more restrictive economic situations around the world.
(Reporting through Daniel Leussink; Editing via Jacqueline Wong)