Japan raises view on production but signals Omicron risks

Japan raises view on production but signals Omicron risks

18/1/2022 10:32:00 AM

Japan raises view on production but signals Omicron risks

TOKYO: Japan upgraded its view on production for the first time in over a year in a January report, while signalling imminent risks that COVID-19\u0027s Omicron variant outbreak could cool down the economy\u0027s budding consumption-led recovery. Analysts in the latest Reuters poll have trimmed their forecast for Ja

TOKYO: Japan upgraded its view on production for the first time in over a year in a January report, while signalling imminent risks that COVID-19's Omicron variant outbreak could cool down the economy's budding consumption-led recovery.Analysts in the latest Reuters poll have trimmed their forecast for Japan's gross domestic product in January-March, although some say the depth of Omicron's impact remains unclear and depends on the severity of government-imposed curbs to come.

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Japan weighs state of quasi-emergency for Tokyo, surrounding areas: ReportTOKYO — Japan's government is discussing whether to impose a quasi-state of emergency in the capital, Tokyo, and surrounding areas this week to contain a surge in Covid-19 infections, broadcaster FNN said on Monday (Jan 17).

Japan government discussing quasi-state of emergency for Tokyo, surrounding areas: ReportTOKYO: Japan\u0027s government has started discussions to impose a quasi-state of emergency on the capital Tokyo and its surrounding areas within the week, broadcaster FNN said on Monday (Jan 17), as COVID-19 cases rise. Tokyo Governor Yuriko Koike said on Thursday the capital would request such measures if the

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Japan Nov core machinery orders rise 3.4per cent month/monthTOKYO : Japan's core machinery orders rose 3.4per cent in November from the previous month, government data showed on Monday, coming in better than a 1.4per cent gain expected by economists in a Reuters poll. Compared with a year earlier, core orders, a highly volatile data series regarded as an indicator

LinkedIn TOKYO: Japan upgraded its view on production for the first time in over a year in a January report, while signalling imminent risks that COVID-19's Omicron variant outbreak could cool down the economy's budding consumption-led recovery.The highly infectious Omicron variant is driving a resurgence in coronavirus cases, which are hovering near record levels, after new infections exceeded 25,000 nationwide in the past two days.LinkedIn TOKYO: Japan's government has started discussions to impose a quasi-state of emergency on the capital Tokyo and its surrounding areas within the week, broadcaster FNN said on Monday (Jan 17), as COVID-19 cases rise.Copy to clipboard https://str.

Analysts in the latest Reuters poll have trimmed their forecast for Japan's gross domestic product in January-March, although some say the depth of Omicron's impact remains unclear and depends on the severity of government-imposed curbs to come. "The economy shows movements of pick-up as severe conditions due to the coronavirus are gradually easing," the government said in the monthly report approved by Prime Minister Fumio Kishida's cabinet on Tuesday (Jan 18). On Sunday, the figure was 19. The report however listed the COVID-19 outbreak as a downside risk to the economy that requires"full attention" for the first time in four months given the recent rapid spread of the Omicron variant.3 per cent as of Sunday. On Monday, governors of Tokyo and surrounding prefectures said they seek reinstatement of some curbs including shorter restaurant hours in the metropolitan area, which were previously lifted by September. The measures being considered by the government will cover nine prefectures in addition to Tokyo, FNN reported. Besides the coronavirus, authorities also noted supply chain constraints and the trend of raw material prices as downside risk factors, unchanged from the previous month's report."But at the same time, we will hold dialogue and cooperate on common issues, and aim to build a constructive and stable relationship.

The government raised its assessment of production for the first time since November 2020, reflecting a strong automobile-led rebound in factory output. The measures include shorter opening hours for restaurants and bars. The government on Jan 9 declared quasi-emergency measures in three regions that host US military facilities, after it appeared that Omicron outbreaks at the bases spilled into the surrounding communities. "Growth in transport machinery production has started to positively affect other manufacturers, such as plastic products," a government official told a press briefing ahead of the cabinet approval. The government modified its view on wholesale inflation by adding a reference to"slowing pace of increase" given the month-on-month fall in December, although the year-on-year gain stayed near a record high. "Omicron is a very important test case for any community," said Dr Shibuya, who coordinates vaccine efforts in northern Japan, adding that authorities had to figure out how best to manage the disease while keeping up socio-economic activity. Despite a gradually accelerating inflation reading, the government maintained its assessments of consumer prices and other key economic elements such as exports, private consumption and employment. Koike said last week a full declaration of emergency in Tokyo would be called for if hospital bed usage rate rises to 50 per cent. On the Omicron variant, authorities are wary about its potential damage to consumption, as the Delta variant last year caused a larger-than-expected contraction in the third quarter. Differing degrees of emergency measures adopted in various parts of Japan last year were lifted at the end of September. Monday's launch was Pyongyang's fourth one this year, in an unusually rapid sequence of tests.

"So far, Omicron's spread hasn't had any big effect on private consumption," the official said, citing high-frequency spending and retail foot traffic data as of early this month. But considering past episodes of coronavirus spreads, the latest outbreak can drag down household spending on face-to-face services such as restaurants and travels, he added. The capital has allocated about 6,900 beds for coronavirus care, of a total of about 128,000 in the region. Source: Reuters/gs .