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14532
Fri, 08/01/2008 - 10:22
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https://oananews.org//node/14532
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MOF lowers regional economic view for 2nd straight qtr
TOKYO, July 31 Kyodo - The Finance Ministry on Wednesday revised its regional economic assessment downward for the second straight quarter, recognizing ''weak movements'' in some areas with deterioration in production activities, personal spending andemployment conditions.
The ministry lowered its view on five of the 11 regions across Japan in the April-June period from the previous quarter. The five are the Tokai and Kinki areas covering Nagoya and Osaka, as well as the Chugoku, Hokkaido and northern Kyushu regions.
In a quarterly report based on assessments of the ministry's 11 regional finance bureaus, the ministry said as its overall evaluation that the economic recovery ''in many areas has been at a standstill, with weak movements seen in some of them.'' In the previous report issued in April, the ministry said the recovery ''has stalled recently.''A ministry official said the downgrading reflects worsening economic conditions in Japan and that many bureaus pointed to the need to closely monitor movements in overseas economies and trends in crude oil and raw material prices.
By prefecture, the April-June report cut its assessment for 35 of Japan's 47 prefectures. The ministry trimmed its views on the largest number of prefectures since it began releasing the report on regional economies in January 2004, the official said.
At the outset of a meeting of the 11 bureau chiefs, Finance Minister Fukushiro Nukaga said, ''Japan's economy has become gradually dispirited amid concerns about the U.S. economic slowdown and rises in raw material and grain prices. In fiscal terms, tax revenues have also declined.''''We'd like to hear how regional economies have been affected by surges in crude oil and grain prices,'' the minister said.
In the report, the ministry downgraded its evaluation for industrial production in the six regions -- Hokkaido, Tohoku, Tokai, Kinki, Hokuriku and northern Kyushu -- on slowing output of auto parts and machinery items.
The ministry also revised downward its view on personal spending in eight regions -- the same 11 excluding Tokai and northern and southern Kyushu -- with demand waning for clothing and everyday goods.
The latest report also showed that the ministry's evaluation of employment conditions in five areas -- Tokai, Hokuriku, Hokkaido, Kinki and Kanto covering Tokyo -- was downgraded, with the number of new job offers declining in many regions.
The ministry lowered its view on five of the 11 regions across Japan in the April-June period from the previous quarter. The five are the Tokai and Kinki areas covering Nagoya and Osaka, as well as the Chugoku, Hokkaido and northern Kyushu regions.
In a quarterly report based on assessments of the ministry's 11 regional finance bureaus, the ministry said as its overall evaluation that the economic recovery ''in many areas has been at a standstill, with weak movements seen in some of them.'' In the previous report issued in April, the ministry said the recovery ''has stalled recently.''A ministry official said the downgrading reflects worsening economic conditions in Japan and that many bureaus pointed to the need to closely monitor movements in overseas economies and trends in crude oil and raw material prices.
By prefecture, the April-June report cut its assessment for 35 of Japan's 47 prefectures. The ministry trimmed its views on the largest number of prefectures since it began releasing the report on regional economies in January 2004, the official said.
At the outset of a meeting of the 11 bureau chiefs, Finance Minister Fukushiro Nukaga said, ''Japan's economy has become gradually dispirited amid concerns about the U.S. economic slowdown and rises in raw material and grain prices. In fiscal terms, tax revenues have also declined.''''We'd like to hear how regional economies have been affected by surges in crude oil and grain prices,'' the minister said.
In the report, the ministry downgraded its evaluation for industrial production in the six regions -- Hokkaido, Tohoku, Tokai, Kinki, Hokuriku and northern Kyushu -- on slowing output of auto parts and machinery items.
The ministry also revised downward its view on personal spending in eight regions -- the same 11 excluding Tokai and northern and southern Kyushu -- with demand waning for clothing and everyday goods.
The latest report also showed that the ministry's evaluation of employment conditions in five areas -- Tokai, Hokuriku, Hokkaido, Kinki and Kanto covering Tokyo -- was downgraded, with the number of new job offers declining in many regions.
