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Tuesday, 22nd February 2011
In Business In Japan,

Japan upgrades long-term economic forecasts

Japan's government has upgraded the country's economic forecast for the second month running.

The decision was made following an increase in exports and production levels and a series of positive results.

Industrial output in Japan rose by 3.3 per cent in December and was forecasted to increase by a further 5.7 per cent in January even though the country's GDP dropped by 1.1 per cent in the final quarter of 2010.

A statement from the cabinet office said: "The Japanese economy is moving toward a pickup as it emerges from its recent pause."

However, the cabinet office did warn that increasing commodity prices and depressed consumption levels could still limit the recovery of the economy but it did raise its view on exports for the first time in over a year.

A recent survey by the Asahi newspaper showed that nearly 50 per cent of voters are expecting Japan's prime minister to step-down in the near-future.

Written by Mark Smith.