7 March 2001, 10:06  MIYAZAWA: ECONOMY IN SEVERE RECESSION

Finance Minister Kiichi Miyazawa reportedly broke awayfrom the government line that the economy was on a pathto gradual recovery and said instead it is in a severerecession. "No matter what I say, the economy is in criticalrecession," he was quoted as saying. He told a lowerhouse budget committee that household spending is notrecovering. "Facing such a reality, we just cannot keepsaying it will take some time until the economy recovers,"he said. "The government needs to do something."

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