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 June assesses the current state of the Japanese economy, stating that "The Japanese economy is on the way to recovery at a moderate pace partly due to reconstruction demand, although difficulties continue to prevail."

On prospects for the economy, it states "Concerning short-term prospects, movements toward sound economic recovery in the Japanese economy are expected to take hold due to reconstruction demand to some extent. However, there are downside risks that could stem from sharp fluctuations in the financial markets, and further slowing down of overseas economies caused by the growing uncertainty about the prospects of the Eurozone debt crisis. It should also be noted that there is still a risk of constraints of electric power supply and the adverse effects of deflation on the economy."