26.09.202312:37:00UTC+00Japan Govt Leaves Economic Assessment Unchanged

Japan's government retained its economic view on Tuesday as the economy is recovering at a moderate pace driven by improving employment and income situation but cautioned about the downside risk emanating from slowing global growth.

In the monthly report, released Tuesday, the cabinet office reiterated that private consumption and business investment are picking up. Exports show movements of picking up recently, the cabinet office repeated.

The government upgraded its assessment of corporate profits. The cabinet office said corporate profits are improving as a whole. In August, the government observed that corporate profits are improving moderately.

The assessment about industrial production was also maintained in September, saying output shows signs of picking up.

Retaining its view on employment, the report said the employment situation shows movements of improvement. The office repeated that consumer prices are rising.

"The Government expects the Bank of Japan to achieve the price stability target of two percent in a sustainable and stable manner, accompanied by wage increases, in light of economic activity, prices and financial conditions," the report said.

The government noted that global slowdown is downside risk to the economy, including the effects of monetary tightening by major central banks and the concern about the prospect of the Chinese economy.