Japan's government downgraded its view on the economy for the first time in three months, citing weaker consumer spending and industrial production. In the February monthly report released Wednesday, the Cabinet Office said, "The Japanese economy is recovering at a moderate pace, although it recently appears to be pausing.
Around 42 percent of major companies in Japan expect the country s economy to slow down over the next 12 months, up from just 5 percent one year ago, as they struggle to cope with surging commodity costs and the yen s weakness, a Kyodo News survey shows.
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