Japan's government offered its bleakest assessment on the economy in nearly...
TOKYO - Japan’s government offered its bleakest assessment on the economy in nearly seven years, saying conditions in March were “severe” as the coronavirus pandemic shut down factories and cooled consumption.
The downgrade lays the groundwork for Japan to compile a stimulus package next month, which, sources say, will involve spending of at least $137 billion to cushion the blow from the pandemic. The government also cut its assessment on consumption, capital expenditure and business sentiment - which all took a hit from worldwide travel bans, event cancellations and supply chain disruptions caused by the pandemic.
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