Some economic analysts started going on the record last week that the 'Japanese recession was over'. The Economist Intelligence Unit however finds no compelling evidence that a broad based recovery is underway.

In an EIU Viewswire article published today - Japan economy: Still suffering, the EIU argues that

Rising export demand is improving the growth outlook for Japan's economy in 2002, but the Economist Intelligence Unit sees no compelling evidence that a broader-based recovery is underway, despite some moderately encouraging data. At the same time, the strengthening yen is unlikely to abort the recovery in exports: the underlying economy remains, in our view, too weak to support a sustained rise in the value of the yen against the US dollar.

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