Japan maintains overall economic assessment, says weakness in recovery continues

The Japanese Cabinet Office announced Thursday that it has kept the economic assessment unchanged in the month of November.

However, the government remained downbeat on the economic recovery.

Key takeaways

“Japan raised its view on consumption for the first time in 13 months as service spending picked.”

“Japan downgraded that on exports and production due to persistent supply issues and a slowdown in China's economy.”

"The economy continues to show weakness in recovery, although severe conditions due to the coronavirus are gradually easing.”

"The pandemic-induced severe situations, such as in foot traffic, have been easing after the lifting of COVID-19 state of emergency curbs," a government official told reporters before the cabinet's approval of the report.

USD/JPY ranges below 115.50

USD/JPY is keeping its range play intact around 115.30, virtually unchanged on the day, as investors remain on the sidelines amid the Thanksgiving Holiday in the US.

The pair hit a fresh four-year high of 115.53 in the US last session following the hawkish Fed official daily and the minutes of the November meeting.