The Bank of Japan on Monday revised its assessment of the economy downward for the second straight month, citing weak exports and industrial production.

“Adjustments in economic activities have been under way as production is declining, reflecting a fall in exports,” the BOJ said in its April economic report,

In March, the central bank said that Japan’s recovery “has recently come to a pause.” But production, exports and the worse-than-expected results of April’s “tankan” survey caused the BOJ to revise its take on the economy.

“The pace of improvement in corporate profits seems to be slowing significantly as exports and production are recently declining, and business sentiment among firms is worsening particularly in the manufacturing industries,” the report says.

While corporate investment, one of the sole bright spots in the economy, is expected to remain high due to a backlog of orders, it is likely to peak out gradually, the BOJ said.

The rapid slowdown in overseas economies is causing industrial production to “decline more sharply” while excessive inventories of electronic parts and materials are building up.

The central bank did not revise its assessment of consumer spending, however, maintaining its view that household income “has not yet deteriorated” but that the production declines are causing falls in new job offers and overtime hours.

“Overall, the adjustments are expected to continue for some time, mainly in production,” the report says.

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