The Cabinet Office's assessment has remained unchanged for a third straight month with the view, also noting that Japanese firms see improving business conditions, the first upward revision in the category in seven months.
In its monthly report for July, the Cabinet Office also said public investment is firmer, in the first upward revision in 11 months. Its views on other key components of the economy, from private consumption and capital investment to production and exports, were retained.
The economic report said the Japanese economy is recovering at a moderate pace, but slowing economic growth overseas caused by global monetary tightening poses a downside risk.
"Full attention should be given to price increases and fluctuations in the financial and capital markets," it added.
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