The Japanese government upgraded its assessment of the economy for the first time in five months as a recovery in industrial output, imports and employment offset fears over a slump in exports. The decision came a month after the Bank of Japan upgraded its view of the world's second largest economy for the first time in a year in July. "Rather than declining, industrial production has become flat as corporate profits continue to show a moderate improvement and business investment exhibits a moderate recovery," a Cabinet Office official said. Hopes for an economic rebound in the United States have already triggered a rise in Japanese stock prices, although the market has slumped in recent days following a string of weak corporate results for the June quarter.

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