Japanese government downgraded its view on exports for the first time in seven months in October, the government said in its monthly report released on Friday after approval by Prime Minister Fumio Kishida's cabinet.
Additional takeaways
"The economy continues to pick up but the pace of recovery is slowing.”
"The effect of the supply chain (issues) is now observable in exports, that's why it is downgraded this month.”
“The official cited tepid shipments of cars, electronics and other IT-related goods, as well as worries about a slowdown in China's economic recovery.”
Market reaction
On the discouraging economic assessment, the Japanese yen is losing further ground, driving USD/JPY closer towards 114.00.
At the time of writing, USD/JPY is trading at 113.91, up 0.22% on the day.
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