The government on Friday revised down its assessment of the economy in November, lowering the outlook for the fourth straight month, almost matching the dire trend seen after the 2008 global financial crash.
The economy has "shown weakness recently due to the world economy's deceleration," the Cabinet Office stated in a monthly report, pointing out that exports and production remain sluggish while private consumption and corporate investment are slowing. In October, it said the economy was "in a weak tone."
The report for November revised downward five of the 14 categories covered, including bankruptcies and employment. On Monday , government data showed the economy shrank an annualized real 3.5 percent from July to September, marking the first contraction in three quarters and heaping pressure on the ruling Democratic Party of Japan ahead of next month's election.