TOKYO : Japan's government upgraded its view of the economy for the first time in four months in April as authorities turned more optimistic about the outlook for private consumption following the end of COVID-19 curbs, the monthly economic report showed on Thursday.
The overall upgrade was due mostly to a brighter assessment of private consumption, which also marked the first upgrade since December, as policymakers welcomed the lifting of months-long coronavirus curbs on face-to-face services by March 21. "The chance of a 'revenge spending' burst is becoming smaller than we had expected earlier," as lingering uncertainties around the Ukraine crisis and COVID-19 keep households cautious about spending, said the official.
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