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 January assesses the current state of the Japanese economy, stating that "The Japanese economy is still picking up slowly, while difficulties continue to prevail due to the Great East Japan Earthquake."

On prospects for the economy, it states "Concerning short-term prospects, reflecting the effects of policy measures, the Japanese economy is expected to continue to pick up moderately. However, there are downside risks that could stem from further slowing down of less resilient overseas economies due to the Eurozone debt crisis which has been a cause for concern over the financial system and markets. It should also be noted that there is still a risk of constraints of electric power supply, the consequences of the nuclear accident, the adverse effects of deflation on the economy and a concern about a possible deterioration of the employment situation."