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Revised Forecast for the Japanese Economy In Fiscal 2004 and 2005: December 2004

Summary

1. State of the Economy and Changes from the Previous Forecast

1. Current State of the Economy (July-September GDP)

2. Changes since the Previous Forecast (Announced on November 17)

a. Introduction of the Chain Weight Method

b. Weak Economic Indicators

c. Trends in Foreign Exchange Rates and Oil Prices

2. Outlook for the Economy in Fiscal 2004 and Fiscal 2005

Fiscal 2004: Third consecutive year of positive real growth, but with a movement into an adjustment phase in the second half.

Fiscal 2005: Recovery to resume in the second half of 2005, the fourth consecutive year of positive real growth

3. Perspective on Future Developments: Three Factors that Will Influence the Course of the Economy

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