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Japan Govt Lowers Economic Assessment

Japan's government lowered its economic assessment as exports are expected to remain weak for a longer period.

The cabinet office repeated that the economy is recovering at a moderate pace but said the "weakness lasting longer mainly in exports." In September, the report said the weakness is continuing mainly in exports.

The government downgraded its assessment of industrial production saying it is in a weak tone recently.

Concerning short-term prospects, weakness remains for the time being, but the economy is expected to continue recovering, supported by the effects of the policies, while employment and income situation is improving, the report said.

The cabinet office said consumer prices are rising at a slower tempo recently. Last month, the office said prices are rising moderately in recent months.

Official data released, earlier in the day, showed that Japan's inflation eased to the lowest level in more than two years in September, raising pressure on the central bank to ease policy further.

Excluding fresh food, inflation eased to 0.3 percent in September from 0.5 percent a month ago.

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