Japan's Cabinet Office reported on Wednesday that its Economy Watchers Survey showed that an assessment of the current economic conditions worsened sharply in August

According to the survey, the Economy Watchers’ index for current conditions fell 13.7 points to 34.7 in August (on a seasonally adjusted basis). This was the lowest level since January. The reading for the previous month was unrevised at 48.4.

Any reading above 50 indicates optimism and a reading below 50 suggests pessimism.

Meanwhile, the Economy Watchers’ outlook index, an assessment of future economic conditions, went down to 43.7 in August from 47.7 in July.