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Friday, 16th July 2010
In Business In Japan,

Japanese economy 'will see slow recovery'

The recovery of the Japanese economy will be moderate and will rely on the improvement of other global markets.

According to the central bank of Japan's monthly report, both exports from the country and production levels within several industries have risen over the past few months and the improvement should continue at a steady pace.

However, in a statement the bank said that "growth prospects will likely be higher for fiscal 2010", as growth continues to be speedy in a number of emerging economies.

Speaking to Market Watch about the new figures, rates strategist at RBS Securities Japan RuiXue Xu said: "Compared to the June statement, there is primarily one change. The Bank of Japan mentioned 'increased global demand for IT-related goods' as one factor pushing up export and production."

Japan recently suffered its worst recession since the end of the second world war after a number of its biggest markets where hit by anaemic demand as a result of the global economic downturn.

Written by Kimberley Homer.