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Corona imposes gloomy outlook on Japan’s exports, employment

Corona imposes gloomy outlook on Japan’s exports, employment

The Japanese government gave a gloomy outlook on exports in a monthly report in May, as the world's third-largest economy suffered from the economic repercussions of the Corona global pandemic on the Japanese economy.

The report, published on Thursday, showed that the Japanese government had left its overall assessment of the economy in a "very dangerous situation" unchanged, while lowered its expectations on the labor market and corporate investment stake in the coming period.

This week, the Japanese government lifted a nationwide state of emergency in an attempt to reopen the economy once again.

Japan's export-dependent economy stagnated for the first time in four and a half years.

Last week's economic data showed that Japanese exports fell significantly as global demand for goods such as automobiles and industrial materials declined, forcing the Japanese government to adjust its view of the export situation as declining "rapidly" from "declining" only.

The Japanese government has expressed concern about the employment sector, describing it as "increasingly" affected by the impact of the coronavirus, after it was previously described as "vulnerable movements can be seen."

On Wednesday, the Japanese government announced a new $1.1 trillion stimulus package that included significant financial spending in an effort to mitigate the economic impact.

At press time, the Japanese Yen rose against the US dollar by 0.02 percent to trade at 107.73, while the highest level recorded was at 107.91.

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