TOKYO (AFX-ASIA) - Finance Minister Masajuro Shiokawa said he believes the economy is not yet in a catastrophic situation, although he accepts the validity of the Cabinet Office's revised full year GDP forecast of negative 0.9 pct. "I'm sorry to hear about the negative 0.9 pct growth this morning but I have to accept it," Shiokawa told a regular briefing after this morning's revision. "However, the Japanese economy is not yet in a catastrophic situation, even without the possibility of a second supplementary budget," he said. "I often say that we will not stick to the 30 trln yen bond limit at any cost. If a critical event emerges, or forceful measures that ensure economic recovery become available, we will spend more to finance this," Shiokawa added. "However, that doesn't mean the government will rely on new issuance of bonds. We need to find other sources of finance," he said. "We will write the next fiscal year's budget, keeping to the 30 trln yen bond limit." Shiokawa said the finance ministry is ready to cooperate with Welfare Minister Chikada Sakaguchi if he decides the government should offer additional finance to prevent a rise in state health insurance premiums. "If Sakaguchi decides to take action to avoid an additional burden on the public over the government's health insurance, the finance ministry will cooperate," he said.