Monday, October 20, 2008

Ministerial Council on Monthly Economic Report and Other Relative Issues

Prime Minister Taro Aso attended a meeting of the Ministerial Council on Monthly Economic Report and Other Relative Issues, convened by the Chief Cabinet Secretary, at the Prime Minister's Office.

The Monthly Economic Report, released by the Cabinet Office, assesses the current state of the Japanese economy, stating that "The economy has weakened further." On prospects for the economy, it states "Amid global economic slowdown, the downward trend of the economy is likely to continue for the time being. In addition, attention should be given to the risks that the economy would become severer due to the worsening financial crisis in the U.S. and Europe, and large fluctuations of the stock and foreign exchange markets."

The report further describes the Government's policy stance. The Government will steadily implement the "Comprehensive Immediate Policy Package;" in view of the present turmoil in domestic and international financial markets, the Government, together with the Bank of Japan, will appropriately cope with the situation; furthermore, the Government will compile a new economic policy package as soon as possible; and reform will be accelerated and deepened based on the "Economic and Fiscal Reform 2008" (Basic Policies).

Related Link

• Ministerial Council on Monthly Economic Report and Other Relative Issues (Cabinet Office)