YASUSHI Mieno, the Bank of Japan's ultra-cautious governor confirms it, many economists vouch for it, statistics point to it and yesterday Japan's five largest electronics makers' hefty profits say it all. Yes, corporate Japan is steadily emerging from recession.
For the first time in four years the 'big five' - NEC, Mitsubishi Electric, Fujitsu, Toshiba and Hitachi - reported a recovery in half-year profits.
And they are fighting back with a vengeance. NEC's profits soared a staggering 184 per cent, Mitsubishi posted an 80 per cent increase and Hitachi's profits jumped 44.1 per cent.
The upswing is being fuelled by strong demand worldwide for computers - especially in the recovering US economy - and semiconductor chips which are major components in these machines.
The elements also extended an unexpected helping hand with the country's unusually hot summer leading to a steep rise in sales of air-conditioners and fans.
However, yesterday's good news did not come without a warning.