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The Japanese government said the country's economy was picking up at a moderate pace.
Its monthly assessment, released Tuesday, indicates that corporate profits are robust, particularly with construction companies and other manufacturers.
This is the first time in two years and three months that the government is reviewing its earnings outlook.
The June report indicates that private consumption is picking up and consumer prices are rising moderately.
However, the economic slowdown in China continues to weigh on exporters, particularly those who manufacture electronic parts and semiconductor manufacturing equipment.
The report also indicates that industrial production has recently shown a weakness.
The Cabinet Office expects a recovery in the economy and an improvement in the employment and income situation.
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