Japan upgrades view of economy

By AFP

July 15, 2010 Updated May 25, 2009 at 7:02 AM CDT

Japan's government on Monday upgraded its assessment of the world's second largest economy for the first time in more than three years, saying the pace of decline was easing.

"While the economy is in a difficult situation, the tempo of worsening has become moderate," the Cabinet Office said in a monthly report. Previously it had said the economy was "worsening rapidly while in a severe situation".

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