Japan maintains economic status

Japan today announced its decision to maintain the status of the economy, using the same wording for its assessment of the current economic climate as in previous months.

The description of the economy as ‘recovering despite weakness in industrial production in some sectors’ has remained consistent for nine consecutive months, as Japan remains fixed on its gradual, but efficient, economic growth cycle.

The government publishes a report on the situation of the Japan economy on a monthly basis, yet has maintained its impression of the overall status of the economy, as well as consumer spending and private investment over the last nine consecutive months, suggesting the economy has remained on track as expected, with marginal growth and development.

Changes were made in terms of exports, where a move from ‘flat’ to ‘increasing moderately’ signified the modest growth in exports out of Japan over the last month.

With an aging population, and decreasing labour forces, Japan’s Economic Minister Hiroko Ota added that increasing labour productivity amongst the existing workforce was a significant priority for the Japanese over the coming months.

With falling birth rates, the threat of a declining workforce is currently posing a significant concern for the long term future of the Japanese economy, according to the Minister earlier today.

The report announced the projected ongoing recovery within the Japanese economy, despite drawing reference to the ongoing effect of oil prices worldwide, and the impact this looks set to have on economies across the globe.

“As for short-term prospects, the economic recovery is expected to continue supported by the domestic private demand as high corporate profits feed into the household sector. On the other hand, attention should be given to an effect which developments of oil prices in particular have on both domestic and overseas economies”

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