Japan Govt: Economy Picking Up Amid Record High Unemployment

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Tuesday, Japan's Cabinet Office said the world's second largest economy is showing signs of picking up, but record high unemployment could fade on short-term prospects.

"The economy is showing signs of picking up amid record unemployment and other difficult conditions," the Cabinet Office said in monthly report in which it kept its overall economic assessment unchanged.

The government said the employment situation in the country is likely to worsen further due to extremely low level of production activities.

However, the economy is expected to pick up as companies complete adjusting inventories, reflecting effects of the policy packages and improvement of external economic conditions.

Tuesday, Japan's Cabinet Office said the world's second largest economy is showing signs of picking up, but record high unemployment could fade on short-term prospects. (Market News Provided by RTTNews)