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Japan sees economy picking up modestly, flags looming risks

25 August 2022 09:15 (UTC +04:00)

Japan's government described its economy as "moderately picking up" in its monthly economic report, keeping the overall assessment unchanged from the previous month, while noting an upward revision to factory output, APA reports citing Reuters.

While sounding cautiously optimistic on the world's No. 3 economy, the government flagged risks of a global downturn amid overseas trend of monetary tightening and rising inflation while households face slower wage growth.

"The economy is picking up moderately," the Cabinet Office, which compiled the report, said, "It is expected to pick up ahead as we stand ready to take all possible steps to prevent infections as socioeconomic activity normalises," referring to coronavirus cases.

The report was approved by Prime Minister Fumio Kishida's cabinet ministers on Thursday.