The Japanese government on Monday kept its economic assessment unchanged from the previous month for the first time in six months, saying that Japan's economy is still "worsening rapidly" and "in a severe situation."

In its monthly report, the cabinet office, however, lowered its assessment of corporate profits to "decreasing very substantially" from February's "falling substantially."

The office also held unchanged its assessment of other economic areas, labeling exports and industrial output as "decreasing very substantially," capital spending "decreasing," the employment situation "getting worse rapidly" and private consumption "decreasing modestly."

(Xinhua News Agency March 17, 2009)