TOKYO - Japan’s government is considering downgrading its assessment of the economy next week as the intensifying Sino-U.S. trade war takes a toll on exports and factory output, a government source with direct knowledge of the matter told Reuters on Thursday.
Speculation is swirling that Abe may delay the tax hike to 10% and call a snap election for parliament’s lower house to coincide with an upper house poll this summer, at a time when his “Abenomics” reflationary policy is sputtering. But, asked if a decision to delay would need to be made before an upper house election this summer, Hagiuda said: “Of course.”
The government has announced measures to cushion the impact of the move on consumers, and Abe has repeatedly pledged to proceed with the increase barring a huge economic shock. But Bagiuda said even the risk of such a shock could be reason for delay. Both the U.S. and China also released data on Wednesday pointing to slowdowns in their economic growth.
The trade war is prompting the government to review its earlier view that exports and factory output would bottom out later this year, the source told Reuters on condition of anonymity because he is not authorized to speak to media.
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