Japanese executives see slow economic recovery
Japan's business leaders warned Tuesday the economy was unlikely to recover until the second half of this year as the nation faces being overtaken by China as the world's second largest economy.
"Unfortunately, the Japanese economy has yet to be on course to sustainable recovery," Fujio Mitarai, chairman of Japan Business Federation, told a joint news conference after a New Year party with the nation's top executives.
"The first half will remain severe as deflation is likely to continue for now," said Mitarai, who is also chairman of Canon.
"But we are going to see signs of recovery globally in the second half," he said. "I hope the economy will recover slowly in the second half."
Tadashi Okamura, chairman of the Japan Chamber of Commerce and Industry, also predicted the economy "will slowly recover in the second half.”
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