Lan kwai fong, Street in Hong Kong, Asia

Tokyo, Oct 15 The Japanese government on Friday retained its overall assessment for the economy in October as "picking up, although the pace has weakened" due to the severe situation caused by the Covid-19 pandemic.However, the Cabinet Office said that exports were "increasing at a slower pace" instead of "increase moderately" in September, downgrading exports' assessment for the first time in seven months, reports Xinhua news agency.A government official told reporters that the impact of supply chain disruptions due to surging Covid-19 cases in Southeast Asia had dragged down the industrial output of Japan, resulting in relatively sluggish exports of many items, including auto-related products and electrical devices since July.The assessment for the industrial production component stayed as "picking up, although some weakness is seen recently", according to the office, after a downgrade last month as the supply chain issue and a global semiconductor shortage had forced some Japanese automakers to reduce output.The government revised down its assessment for public investment component for the first time in six months, saying it has been "in a weak tone recently, although it is at a high level", as the number of public work orders received was sluggish due to budget cuts for reconstruction projects related to the massive 2011 earthquake and tsunami.Assessments of other major components were unchanged in October.The office used the same wording "shows weakness further" as the September report for private consumption, saying that although car sales kept sluggish, "signs of improvement have appeared" in the food services sector since more people have begun to eat out after the lifting of Covid-19 emergency measures across the country on October 1.Under emergency measures, people were requested to stay home, and food establishments were asked to stop serving alcohol and close early.Looking ahead, the government expected the economy to continue picking up but warned "full attention should be given" to a further increase in downside risks due to "negative effects through the supply chains".Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Lan Kwai FongFOLLOW

Lan kwai fong, Latest News

The death of Dr Abdul Qadeer Khan, the architect of Pakistan's nuclear programme, has once again brought the debate how an individual or network can provide nuclear technology to rogue states and terrorist groups, seeking nuclear weapons. ...

Aggrieved Chinese office workers have recently initiated a 'worker lives matter' campaign over gruelling work hours in the country. ...

The United States said it will send a delegation to Thailand, Singapore and Indonesia next week as part of efforts to address the crisis in Myanmar triggered by a military coup in February. ...

Beijing, Oct 16 Apple supplier and the world's biggest contract electronics manufacturer Foxconn, the world's largest contract electronics ... ...

US Deputy Secretary of State Wendy Sherman on Friday underscored the importance of India's role as a global Covid vaccine producer and applauded New Delhi's announcement to resume vaccine exports. ...

Former Indian wicketkeeper-batter MS Dhoni has become the first captain to lead 300 matches in the T20 format on Friday. ...

Former Blaugrana president Josep Maria Bartomeu has claimed that it was a 'mistake' for Barcelona to let Lionel Messi leave Camp Nou in 2020. ...

Tokyo, Oct 15 The Japanese government on Friday retained its overall assessment for the economy in October as ... ...