Prime Minister Shinzo Abe attended a meeting of the Ministerial Council on Monthly Economic Report and Other Relative Issues at the Prime Minister's Office.

The Monthly Economic Report for July assesses the current state of the Japanese economy, stating that "The Japanese economy is picking up steadily, and is showing signs toward self-sustaining recovery."

On prospects for the economy, it states "Recovery is expected to resume as the improvement of corporate profits leads to increases in household income and business investment, while exports pick up and the policies take effect. However, the slowing down of overseas economies is still a downside risk of the Japanese economy."

After receiving the report at today's meeting, the Prime Minister said,

"Since August 2012, the Government's economic outlook made a downward revision for four months in a row, showing a weak economic trend.
Beginning in January 2013 however, the GDP, consumption, production, and employment indexes have made a favorable turn, and the Government's economic outlook has been improving almost every month.
The economic outlook by the Bank of Japan made an upward revision for seven months in a row, since January 2013.
It has become clear that 'this is the only path forward.' Through the House of Councillors election, we have also gained the people's support. With confidence, I will do my utmost to move the policies forward.
Let us work together with utmost effort so that the people will be able to experience the benefits of economic growth."