The government stuck to its assessment that Japan's economy is slowly picking up on Thursday and raised its view on consumer spending for the first time in six months, after a resumption of subsidies for fuel-efficient cars boosted sales.
It said consumer spending was holding firm, with incomes flat and a recovery in consumer confidence.
But it remained cautious over risks from a further slowdown in overseas economies stemming from Europe's debt problems and the impact on financial markets, as well as power supply constraints following the Fukushima radiation crisis triggered by the March earthquake and tsunami. (Reuters)
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