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Ministerial Council on Monthly Economic Report and Other Relative Issues Wednesday, October 12, 2005 JAPANESE The Ministerial Council on Monthly Economic Report and Other Relative Issues was convened at the Prime Minister's Official Residence. The Council maintained the assessment of the current state of the Japanese economy that "the economy is recovering at a moderate pace." On short-term economic prospects, the Monthly Economic Report states the following: "The economic recovery supported by the domestic private demand is expected to continue, as resiliency in the corporate sector is extending into the household sector. On the other hand, attention should be given to an effect which developments of oil prices in particular have on both domestic and overseas economies." Regarding the Government's policy stance, the Report states that, "Acceleration and expansion of structural reforms will be pursued based on 'Basic Policies for Economic and Fiscal Management and Structural Reform 2005.' The Government, with the Bank of Japan, will further strengthen and enhance its policy efforts to ensure a breakaway from deflation in the concentrated consolidation period."