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Economy

Abenomics recovery stopped in tracks by coronavirus

Japan downgrades view to 'severe situation,' closing book on six-year run

The government's March report is the first in six years and nine months to not use the term "recovery." (Photo by Akira Kodaka)

TOKYO -- The Japanese economy has fallen into a "severe situation" and is "extremely depressed" from the coronavirus, the government warned Thursday, bringing down the curtain on years of optimism and the Abenomics-driven recovery since 2013.

The bleak assessment in its monthly report for March is in line with the view of many private-sector economists that a contraction had already begun under the weight of Japan's recent consumption tax hike, even before the virus began to take its toll.

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