Japan downgrades its economic assessment for a second straight month
The government says that “the economy is worsening rapidly and is under an extremely severe situation due to the coronavirus”, adding that “economic conditions will likely remain extremely severe”; essentially its bleakest outlook since May 2009.
The government also downgraded its view on consumption, production, jobs and corporate earnings as well.
This isn’t so much of a surprise as this is arguably one of the most unprecedented shocks faced by most economies across the globe, like ever.