This photo taken on Nov. 15, 2023 shows people walking past a crossing in Tokyo, Japan. (Xinhua/Zhang Xiaoyu)
TOKYO, Feb. 22 (Xinhua) -- Japan's government on Wednesday lowered its view of the country's economy in February for the first time in three months, as it grew more cautious about the strength of private consumption and production.
"The Japanese economy is recovering at a moderate pace, although it recently appears to be pausing," the report said, dropping the phrase "in part" after the word pausing in the previous report, according to the monthly economic report by the Cabinet Office.
Among key components of the economy, the government slashed its assessment of private consumption for the first time in two years, noting that the recent pick-up in private consumption, accounting for more than half of GDP, "appears to be pausing."
Wednesday's economic report also took a cautious stance on production after a series of safety test scandals involving Toyota Motor Corp. group firms, Daihatsu Motor Co. and Toyota Industries Corp., saying while industrial output was expected to pick up, "production activity fell recently."
The downbeat assessment comes after data last week showed Japan's economy unexpectedly slipped into recession in the fourth quarter on weak domestic demand, losing its position as the world's third-largest economy to Germany. ■
