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TOKYO, (AFP) The Japanese government maintained a bearish outlook for the beleagured economy Monday as weak demand hit corporate profits and caused higher unemployment but said there were signs the slump in exports may be slowing. The economy continues to deteriorate, the cabinet office said in its monthly report for December, maintaining its overall view from last month when it cut its assessment for the seventh time this year.

However, the adverse effects of the terrorist attacks in the United States and the on-going war in Afghanistan was beginning to wane, it added. "There are still concerns over the US and European economies but the magnitude has fallen as the US stockmarket has rebounded with military activity in Afghanistan coming to an end," cabinet office economist Haruhito Arai told a news conference.

"However, we cannot say the concerns have disappeared, considering the recent turbulence in the Middle East," he said. A slump in Japanese exports showed signs of slowing down as incentive sales abroad stimulated fresh demand. Exports were still declining, but the assessment was not as bleak as the previous report which pointed to "sharply declining" shipments.

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