Latest News

Thursday, 18th June 2009
In Business In Japan,

Japanese economy has bottomed out, says finance minister

Finance minister Kaoru Yosano has stated that the Japanese economy has bottomed out and forecast recovery for the country in the near future.

Japan's cabinet office has also improved its economic assessment for the second straight month, citing increases in exports and domestic industrial production after extensive declines in recent months.

An increase in consumer confidence and spending was also indicated as key driver of economic recovery, though employment figures remain in stagnation, with unemployment rates continuing to rise.

Addressing the press, Mr Yosano stated his strong assumption that the economy had already reached its lowest point, but was quick to stress that the country's financial situation remained difficult for the time being.

Earlier this month, it was reported that the Japanese economy had contracted by 14.2 per cent on an annualised basis, which was less than initial forecasts but nevertheless represented the largest contraction since the second world war.

Written by Mark Smith