During the Japanese afternoon yesterday the Cabinet Office released its monthly economic report for June. There were some notable changes:
- Raised its overall view of the economy for the first time in six months ... "The economy is experiencing a moderate recovery"
- Raised its view of private consumption ... said a pick-up will be sustained on the back of the improving job market and household incomes. it dropped a prior reference to delayed improvement in consumer spending
- Raised its view on capital spending for the first time in 4 months, citing improved vehicle production output & overseas demand for phones & IT products
- Raised its assessment on housing construction and public investment
- Its assessment on exports & output (both picking up) was left unchanged
The report cautioned on risks from an uncertain global economic outlook and financial market volatility.
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Recall that last week the Bank of Japan raised its assessment on private consumption for the first time in six months, describing it as increasingly resilient
