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Major Japanese manufacturers on track for recovery

06-14-2011 11:19 BJT

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Japan's economy is still getting back on its feet following the March earthquake and tsunami. Major Japanese manufacturers saw a dive in business sentiment, weighed down by the nuclear meltdown, power shortages and damage to supply chains in the country.

But there is some good news - companies are actually ramping up capital expenditure plans for the upcoming fiscal year, compared to the first quarter. That gives support to the view held by many experts, that the economy will pull out of recession in the latter part of this year. The Bank of Japan has repeatedly maintained that the country's economic conditions are severe, but has also voiced confidence the economy will bounce back to moderate growth later this year.

Economists say the current downturn is different from past recessions, in that chances of a near-term rebound are high, and could come as soon as the period from July to September. It's also expected Japan's GDP will contract for a third straight quarter in the April-June quarter, but will resume growth in the second half as exports and production get back on track.

Editor:Shi Jierui |Source: CNTV.CN

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