Prime Minister Yoshihiko Noda 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 October assesses the current state of the Japanese economy, stating that "The Japanese economy is still picking up although the pace decelerates, while difficulties continue to prevail due to the Great East Japan Earthquake."

On prospects for the economy, it states "Concerning short-term prospects, reflecting supply chain reconstruction and the effects of policy measures, the Japanese economy is expected to continue to pick up. However, there are downside risks that could stem from constraints of electric power supply, the consequences of the nuclear accident, further slowing down of less resilient overseas economies, and volatile fluctuations in exchange rates and stock prices. It should also be noted that there is still a risk of the adverse effects of deflation on the economy and a concern about a possible deterioration of the employment situation."