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 March assesses the current state of the Japanese economy, stating that "Although the Japanese economy is turning to pick up, it is only weakly self-sustaining and the influence of the Tohoku - Pacific Ocean Earthquake is concerned. Also, it remains in a difficult situation such as a high unemployment rate."

On prospects for the economy, it states "As for short-term prospects, the economy is expected to pick up, reflecting improvement in overseas economies and the effects of various policy measures. However, attention should be given to the influence of the Tohoku - Pacific Ocean Earthquake on the economy. Also, there are downside risks that could stem from fluctuations in the financial and capital markets, the influence of a rise in oil prices and movements in overseas economies. 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."