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 March 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, a picking up trend in the Japanese economy is expected to take hold. However, there are downside risks that could stem from the influence of the Eurozone debt crisis, oil price hikes, and further slowing down of overseas economies. 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."