Monday, July 13, 2009

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 "While the economy is in a difficult situation, movements of picking up are seen in some areas."

On prospects for the economy, it states "With worsening employment situation, the economy is likely to remain severe for the time being. However, the economy is expected to pick up as external economic conditions improve, while supported by a further reduction of adjustment pressure on inventory and the effects of the policy packages. On the other hand, there remains fear that the employment situation will worsen further due to extremely low level of production activities. Moreover, attention should be given to the risks that the economy is depressed by the influence of global financial crisis, concerns over slowdown in overseas economies, and the effects of fluctuation of financial and capital markets."

The report further describes the government's policy stance. The government will pursue its top priority of achieving economic recovery in the near term by steadily implementing the "Policy Package to Address Economic Crisis" and other measures.

Related Link

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