Japanese government raises view on economy for first time in ten months

In its monthly assessment report, the Japanese Cabinet Office raised the overall economic view for the first time since July 2022 in May, noting that the economy is 'recovering moderately'.

Additional takeaways

Japan upgrades view on consumer spending for 1st time since July 2022, says it is 'picking up'.

Japan says exports showing 'solid movement', upgrading view for 1st time since Dec 2020.

Japan upgrades view on factory output for 1st time since Aug 2022, says showing 'signs of picking up'.

Market reaction

USD/JPY is holding steady, consolidating the retreat from six-month highs of 139.71. At the press time, the pair is trading at 139.51.