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In its latest economic assessment report, the Japanese government downgraded its view on private consumption for the second straight month.

Additional takeaways

“Maintains view that economy is in severe condition due to coronavirus but showing signs of picking up.”

“Japan govt slashes assessment of business conditions, saying “cautiousness” could be seen mainly among service-sector firms.”

“Japan govt raises assessment of capital spending, housing construction.”

  • USD/JPY clings to gains above mid-103.00s, upside seems limited