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Japan's Finance Minister says the economy has reached the end of slump

The Japanese Finance Minister Masajuro Shiokawa says the economy has reached the end of a long slump thanks to a revival in exports and improved price movements, while private consumption also appears to be stable.

However, analysts warn that a shaky recovery in the United States may stunt a return to growth in Japan where industrial activity was still relatively weak.

Tokyo correspondent Mark Simkin reports.

It's been a terrible 12 months for the world's second largest economy. Gross domestic product has contracted, bankruptcies have soared and the jobless rate has hit an all time high. There have been some feint flickers of improvement in recent weeks though and the government believes the worst is now over. Finance Minister, Masajuro Shiokawa today declared the economy has hit bottom saying that exports are increasing and that the unemployment rate is coming down. Mark Simkin, Tokyo.

14/05/2002 21:53:50 | ABC Radio Australia News

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