Monday, December 22, 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 is worsening." On prospects for the economy, it states "While the economy is likely to continue worsening for the time being, there is fear that the employment situation is worsening further due to the rapid reduction of production. Moreover, attention should be given to the risks that the economy would become severer due to the worsening global financial crisis, concerns over further slowdown in overseas economies and effects of large fluctuations in stock and foreign exchange markets."

The report further describes the government's policy stance. The government published "Economic Policy Package: Emergency Measures for the Defense of Livelihoods" on December 19th, in addition to "Economic Policy Package: Measures to Support People's Daily Lives." Reform will be accelerated and deepened based on the "Economic and Fiscal Reform 2009" (Basic Policies). In view of domestic and external economic and financial situation, the government and the Bank of Japan will conduct policies by sharing basic perspectives on macroeconomic management indicated in the above mentioned Basic Policies.

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• Ministerial Council on Monthly Economic Report and Other Relative Issues