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MAJOR ASSUMPTIONS UNDERLYING ECONOMIC OUTLOOK FOR FY 1999

Memorandum

It is assumed that there is no large turmoil in the global economy, currency and domestic financial markets. The major assumptions about international economy are as follows.

Table Major Assumptions About International Economy

 

FY 1998 a)

FY 1999 a)

The growth rate of the world economy b)

2.5%

2.0%

Exchange rate (Yen over dollar) c)

128.8

119.3

Oil price (dollar per barrel) d)

13.4

13.7

a)The growth rate of the world economy refers to that of calendar years.

b)The world economy here excludes Japan.

c)The exchange rate is its daily average of inter-bank rate in a month before the beginning of estimation (October 21 - November 20), which is assumed to be unchanged afterwards.

d)Oil price is based on the custom clearance basis.

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