RTTNews - Monday, Japan's Cabinet Office raised its economic assessment for the first time in three years in its latest monthly report, hours after the Bank of Japan upgraded its view in its Economic and Financial Developments Report.

While the economy is in a difficult situation, the tempo of worsening has become moderate, the government said. In April, it had said the economy is worsening rapidly while in a severe situation. The government raised its assessment for the first time since 2006.

The Cabinet Office said exports and industrial production are nearing the bottom, while the assessment in April was exports are decreasing substantially and industrial production is decreasing very substantially.

At the same time, the Cabinet Office lowered its assessment regarding Japan's labor market situation. The government said the employment situation, which is worsening rapidly, is severe. It was weaker than the view that the situation is getting worse rapidly.

However, the view on corporate profits, business investment and private consumption was kept unchanged.

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