The government on Wednesday upgraded its basic assessment of the economy for the second straight month, saying industrial output has picked up in February amid expectations that a global economic upturn could perk up exports.
"The Japanese economy is bottoming out, while weakness can be seen in some areas," the Cabinet Office said in its monthly report, making upward revisions to four of the 14 categories — production, corporate profits, business sentiment and consumer spending.
It was the first time in two years that the government has raised the assessment for two months in a row, adding to the view that the world's third-largest economy has bottomed out and is on the road to recovery.