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 "Japanese economy is in a weak tone recently due to deceleration of the world economy, although some components still show steady movements."

On prospects for the economy, it states "Concerning short-term prospects, movements toward economic recovery would pause for the time being. After that, the recovery is expected to resume with the improvement of the overseas economy while reconstruction demand lasts continuously. However, a degree of uncertainty about the external economic prospects of the Eurozone and Asia notably China remains high. Under such circumstances, further slowing down of overseas economies and sharp fluctuations in the financial and capital markets are downside risks of the Japanese economy. Also, attention should be paid to the changes in business profits and income, and the adverse effects of deflation on the economy."