Current economic notes: Japan, Korea, and China

In its economic assessment for May, the Japanese government judged that the damage from the earthquakes that hit the island of Kyushu in April were not severe enough to alter its assessment of the economy, but said it is giving its “full attention” to the economic impact from the disaster.” The economy is in a moderate recovery, while weakness can be seen recently,” the Cabinet Office said in its monthly report.
 
The Organisation for Economic Co-operation and Development announced 2016 growth forecast for the South Korean economy to 2.7 percent, citing sluggish global trade and a slowdown in China. The average USD/WON exchange rate in May was 1,157.01 won, a slight increase from the April rate of 1,148.36 won.
 
China’s Ministry of Finance reported fiscal revenue rose 14.4 percent year-on-year to $238.8-billion in April. Fiscal revenue rose 8.6 percent in the first four months. The central parity rate of the Chinese currency renminbi, or the yuan, weakened 315 basis points to 6.5531 against the U.S. dollar, according to the China Foreign Exchange Trading System.
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