Prime Minister Naoto Kan 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 February assesses the current state of the Japanese economy, stating that "The Japanese economy is showing movements towards a pickup and emerging from a recent pause in activity. However, it remains in a difficult situation such as a high unemployment rate."

On prospects for the economy, it states "the economy is expected to be picking up, reflecting improvement in overseas economies and the effects of various policy measures. On the other hand, there are downside risks that could stem from movements in overseas economies, foreign exchange rates and oil prices. It should also be noted that there is still a risk of the influence of deflation on the economy and a concern about a possible deterioration of the employment situation."