The government on Wednesday lowered its view of the Japanese economy in February, the first downgrade in three months, as it turned more cautious about the strength of private consumption and production. With the recent revelation that Japan slipped into recession late last year, the government cut its assessment of private consumption for the first time in two years. It reflects a diminished contribution from COVID-related pent-up demand for services, which had previously supported the economy despite the rising cost of living. The monthly economic report by the Cabinet Office also took a cau…