FLJP - Rising COVID-19 Cases And Supply Chain Disruptions Overshadow Olympic Games Boost

• The Japanese private sector reported a sharp deterioration in business conditions during August, with rising COVID-19 cases across the country and subsequent economic restrictions contributing to the fastest fall in activity for a year.
• A sharp rise in COVID-19 cases ahead of the start of the Tokyo Olympics led to the Japanese capital being placed under emergency restrictions for the fourth time, forcing the marquee event to be held without spectators.
• Risks remain skewed to the downside, as restrictions covering just under half of Japan's 47 prefectures are scheduled to remain in place until the end of September.

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