Japan government downgrades economy view as US-China trade war bites

TOKYO: Japan's government downgraded its assessment of the economy in March for the first time in three years, blaming a bruising U.S.-China trade war for slumping exports and industrial output.

The March report gave a pessimistic outlook, saying this bout of weakness could continue for some time in the future. Exports fell for a third straight month in February and industrial output in January saw its sharpest decline in a year as tit-for-tat tariffs between Washington and Beijing slowed China's economy and reduced demand for mobile phone parts and chip-making equipment from Japan.The Cabinet Office downgraded its assessment of industrial production for the second consecutive month, saying it has shown signs of weakness and flatlined.

For March, the government left unchanged its assessment that consumer spending is recovering and capital expenditure is increasing.

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