TOKYO: Japan kept the overall assessment of its economy unchanged for a second straight month in July, retaining the view that conditions remain severe due to the impact of the coronavirus pandemic.

       In a monthly report approved by Prime Minister Yoshihide Suga’s cabinet yesterday, the government said full attention should be given to the way infection trends are affecting the domestic economy as well as those abroad.

       “The economy shows increased weakness in some parts, though it continued picking up amid severe conditions due to the coronavirus,” the government said in its July assessment of economic conditions.

       Authorities kept their view of key economic components such as private consumption – which accounts for more than half of gross domestic product – as well as exports and output unchanged.

       They said Japan’s exports were gradually increasing due to a recovery of overseas economies. The government raised its assessment of business conditions for the first time in four months, largely because the Bank of Japan’s tankan business sentiment survey for April-June showed signs of recovery in business conditions.

       Authorities now describe business conditions as showing signs of picking up, although they say conditions remained severe in some areas. ― Reuters