The government on Wednesday upgraded its assessment of the nation's economy for the second month in a row, following a similar assessment made Tuesday by the Bank of Japan. Economic and Fiscal Policy Minister Kaoru Yosano, who doubles as finance minister, even went as far to say, "It is strongly estimated that the economy clearly hit bottom in the January-March period."
While this is good news, one should not rule out the possibility that his declaration merely sums up the political calculations of the ruling coalition ahead of the next Lower House election.
In its monthly report, the Cabinet Office noted that signs of improvement were seen in exports, especially to China and other Asian countries. It said China's economic stimulus measures and progress in inventory adjustment worldwide will likely buoy Japanese exports.