Japan cuts economic view in face of slowing overseas economies

Japanese government on Monday downgraded its basic assessment of the Japanese economy for the first time in six months as slowing overseas economies weighed on the country''s industrial production and exports, Japan''s (Kyodo) News Agency reported. ''''The Japanese economy is still picking up although the pace has decelerated, while difficulties continue to prevail due to the Great East Japan Earthquake (in March),'''' the monthly report by the Cabinet Office said. In September, there was no reference to a slowing pace of recovery. The assessments of production and exports were also downgraded, with the report saying that the pace of recovery in production is decelerating and that exports are leveling off.