Ministerial Council on the Monthly Economic Report and Other Relative Issues

On March 25, 2022, the Prime Minister attended a meeting of the Ministerial Council on the Monthly Economic Report and other relative issues at the Prime Minister’s Office.

Regarding the assessment of the current state of the Japanese economy, the March Monthly Economic Report states, “The Japanese economy continues to show movements of picking up, although some weaknesses are seen as a severe situation” due to the novel coronavirus disease (COVID-19) remains. Furthermore, concerning short-term prospects, the Report states that “the economy is expected to show movements of picking up,” supported by policy effects and improvement in overseas economies while “economic and social activities move toward normalization,” with all possible measures against infectious diseases in place. The Report further states, “However, full attention should be given to the further increase in downside risks” due to rising raw material prices, fluctuations in the financial and capital markets, and supply-side constraints amid the uncertainty over the situation in Ukraine. Also attention should be given to the effects of COVID-19.