The decline in the outlook on exports is the first in 7 months
- Extract from the Japanese government’s October economic report via the Reuters report
- Shipments of cars and electronics to Asia peaked due to supply chain constraints and China’s economic downturn
- the government maintained its overall economic assessment, indicating signs of a recovery in private consumption, especially spending on services, as the COVID-19 state of emergency was lifted thanks to a sharp drop in the number of infections at national scale.
- “The economy continues to recover but the pace of recovery is slowing”
The new Japanese Prime Minister Kishida dissolved the lower house of parliament, ahead of the general elections on October 31. Kishida’s party will likely compile a broad stimulus package to help economic recovery from the pandemic.