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Japan Economy Signals Downturn First Time in 6 Years

Japan Economy Signals Downturn First Time in 6 Years

The Japanese economy has been moving forward for 6 consecutive years, showing strength at many levels that include exports and a stand out, the job market for new recruits out university. However, for the first time in as many years, the key composite index of economic indicators shows a “worsening” economy. The Cabinet`s Office coincident index of business conditions of March fell 0.9 points from the previous month to 99.6 against a base of 100 for 2015, this according to a government survey.

This economic downturn, if it truly materializes, would be a major setback for the current Prime Minister Shinzo Abe, according to the Nikkei Review, an article from Kyodo. There are names given to the boom years in Japan, with the 2002 to 2008 economic expansion being called the Izanami Boom, that lasted 73 months.

The government is now analyzing more data, an exercise that will last about one year, then come back with an assessment. In a recent monthly report the government said that the economy is recovering at a “moderate pace” but has seen some weakness in industrial production in some sectors lately. The Abe government will increase the consumption tax from 8 to 10 percent in October, a move that will likely have some drag on the economy in 2020 and beyond. So this current concern is raising eyebrows.

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