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72873
Thu, 07/30/2009 - 13:23
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http://m.oananews.org//node/72873
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MOF raises view on Japan economy for 1st time since 2004+
TOKYO, July 29 Kyodo - The Finance Ministry on Wednesday upgraded its overall assessment of the Japanese economy for the first time since April 2004, citing improvements in industrial production and consumer spending.
For the April-June quarter, the ministry said the economy nationwide showed
some signs of picking up or the pace of decline had become moderate, although
it remains in a difficult situation.
The ministry had described the economy as ''worsening and becoming severe'' in
its report for the previous three months, the fifth consecutive quarterly
downgrade.
The quarterly report is based on evaluations made by the ministry's finance
bureaus in 11 regions -- Hokkaido, Tohoku, Kanto, Hokuriku, Tokai, Kinki,
Chugoku, Shikoku, Kyushu, Fukuoka and Okinawa.
In the latest report, the ministry raised its evaluations for 10 of the 11
regions, the first time since April 2000, only maintaining its assessment for
Okinawa.
The upgrades were mainly due to increasing factory output, the ministry said,
noting that industries including those related to chemical products, steel,
cars and electronic parts have been supported by recovering demand from abroad,
especially China.
The Okinawa region, Japan's southernmost island chain, was not part of the
uptrend as its economy is heavily reliant on tourism rather than manufacturing,
a Finance Ministry official said.
It also said economic conditions in all of Japan's 47 prefectures except
Okinawa improved from the previous three months. The number of prefectures that
saw an improvement is the largest since comparable date first became available
in January 2004, according to the ministry.
The ministry upgraded its assessments of personal spending for five regions --
Tohoku, Kanto, Tokai, Shikoku and Kyushu -- and maintained them for the
remaining six regions.
It said personal consumption has partly been buoyed by government incentives for
the purchase of eco-friendly cars and appliances, while sales of expensive items
at department stores remain sluggish.
Despite signs of improvement in Japan's economic activity, the ministry
maintained its pessimistic assessments of employment conditions for all 11
regions, saying the job environment is ''drastically worsening'' and ''in a
severe situation.''
==Kyodo
For the April-June quarter, the ministry said the economy nationwide showed
some signs of picking up or the pace of decline had become moderate, although
it remains in a difficult situation.
The ministry had described the economy as ''worsening and becoming severe'' in
its report for the previous three months, the fifth consecutive quarterly
downgrade.
The quarterly report is based on evaluations made by the ministry's finance
bureaus in 11 regions -- Hokkaido, Tohoku, Kanto, Hokuriku, Tokai, Kinki,
Chugoku, Shikoku, Kyushu, Fukuoka and Okinawa.
In the latest report, the ministry raised its evaluations for 10 of the 11
regions, the first time since April 2000, only maintaining its assessment for
Okinawa.
The upgrades were mainly due to increasing factory output, the ministry said,
noting that industries including those related to chemical products, steel,
cars and electronic parts have been supported by recovering demand from abroad,
especially China.
The Okinawa region, Japan's southernmost island chain, was not part of the
uptrend as its economy is heavily reliant on tourism rather than manufacturing,
a Finance Ministry official said.
It also said economic conditions in all of Japan's 47 prefectures except
Okinawa improved from the previous three months. The number of prefectures that
saw an improvement is the largest since comparable date first became available
in January 2004, according to the ministry.
The ministry upgraded its assessments of personal spending for five regions --
Tohoku, Kanto, Tokai, Shikoku and Kyushu -- and maintained them for the
remaining six regions.
It said personal consumption has partly been buoyed by government incentives for
the purchase of eco-friendly cars and appliances, while sales of expensive items
at department stores remain sluggish.
Despite signs of improvement in Japan's economic activity, the ministry
maintained its pessimistic assessments of employment conditions for all 11
regions, saying the job environment is ''drastically worsening'' and ''in a
severe situation.''
==Kyodo
