The Japanese economy has bottomed out, the government declared Friday for the first time during the current recession. The government gave no indication, however, of whether they expected economic recovery.

"While the economy continues to be in a difficult situation, it has bottomed out," the Cabinet Office said in its monthly economic report for May.

It was the first time since June 1999 -- when it was announced a previous recession had ended three months earlier -- that the government has acknowledged an end to economic deterioration.