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Consumption revised upward, but production downward for April economy

4, 25. 2007

Japan’s economy showed a recovery in April, although a weakness was felt partially in production, the Cabinet Office of the government said in its monthly report for the month on April 16, 2007. For the previous month, it said that the economy was recovering, although weakness was detected in consumption. The basic assessment was thus maintained. The assessment on the private consumption, however, was revised upward from “remaining on the same level on the whole” to “moving toward recovery”, while production was revised downward from “slow increase” to levelling off lately”.
Regarding the future economic condition, the report foresaw a continued recovery supported by domestic private consumption as a result of continued brisk condition of the business sector which will favourably affect the household budgets. Reuters news agency in its report the same day quoted Kazumasa Iwata, Deputy Governor of the Bank of Japan, as saying that the economic movement in April might have been reactionary in part to the fast economic expansion the nation had seen during the fourth quarter of 2006. He said that the economy was basically in a rising trend and that this view did not differ much from that of the government, according to the agency report.

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