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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED

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To: RR who wrote (37627)	6/7/2001 10:13:55 PM
From: Sully-	Read Replies (1) of 65232

Thursday June 7 6:24 PM ET Reports: Japan's Economy Worsens TOKYO (AP) - The government has determined that Japan's struggling economy is getting worse and will officially downgrade its assessment next week, media reported Friday. The Cabinet Office, scheduled to release its closely watched economic report next Thursday, will describe conditions as worsening for the fifth straight month, the mass-circulation Yomiuri newspaper reported. Declines in capital investment and continued weakness in consumer spending were behind the decision to downgrade, said Japan's largest paper, quoting government sources it did not identify. The report will mark the first time the government has downgraded its assessment of the economy for five straight months since the period between September 1997 and February 1998 when it did so for six consecutive months, the Yomiuri said. National broadcaster NHK television carried a similar report, saying that the downgrade shows the government is seriously concerned about the country's economic outlook. The Cabinet Office report is closely watched by businesses and economists as a key indicator of government thinking on the state of the world's second largest economy. The reports of increased official pessimism come as the Japanese economy remains mired in a decade-long slump that so far has defied solution. Feeling the effects of the U.S. economic slowdown, manufacturers have been slashing production to keep inventories from piling up. The United States is the largest export market for Japanese cars, electronics and other manufactured goods. Consumers' reluctance to spend also remains a heavy drag on the economy. They have been wary of opening their wallets amid near-record unemployment and continued corporate bankruptcies. Newly elected Prime Minister Junichiro Koizumi has promised to put the economy at the top of his administration's policy agenda. The government is forecasting 1.7 percent growth for the fiscal year through March 2002, but some private-sector economists believe that is too optimistic. Ö¿Ö

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