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Japan's government upgraded its assessment of the economy on Monday for the first time in four months, saying it is showing signs of improvement helped by progress in a recovery in manufacturing output and supply chains from the March 11 earthquake.
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"Upward movements are observed in the Japanese economy while difficulties continue to prevail due to the earthquake," the government said in its economic report for June, upgrading its view from the previous month when it said the economy was showing weakness due to the quake.
The Bank of Japan raised its view on the economy last week, saying it was under downward pressure but showing signs of picking up.
"A recovery from supply constraints and factory production is helping exports and sentiment. This supports the view that the overall economy is moving in an upward direction," said Shigeru Sugihara, director of macroeconomic analysis at the Cabinet Office.
"But the impact from the quake remains. We haven't turned optimistic about the economy and acknowledge it remains in a severe condition."
The government said risks to the economy include developments overseas, with higher energy costs weighing on the U.S. and Asian economies and worries rising about the effect on the financial system of sovereign debt risks in the euro zone.The government stuck to a cautious view on effects on the economy of power shortages stemming from the March 11 disaster.
Among key economic areas, the government raised its view on factory output and exports for the first time since February, saying they show "some upward movements" after declining due to the quake.
It also upgraded its assessment on consumer spending for the first time since March last year, saying it remains weak but has started leveling off. Previously, it said consumption was showing weakness due to the quake.
On the other hand, the government downgraded its assessment on employment for the first time since September 2009, saying an improvement has paused and the situation remains severe.
Japan's economy, the world's third-largest, is seen shrinking in the current quarter, putting it technically in recession, but analysts say it will recover in the third quarter.
The government is expected to release new economic growth forecasts in July, having revised them due to the March disaster.
Did the Cabinet Office also upgraded its view on industrial production, exports and consumption as supply constraints ease and consumer confidence stops worsening?
A. TRUE
B.FALSE
Did the government is expected to release new economic growth forecasts in July, having revised them due to the March disaster?
A. TRUE
B.FALSE
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