While most Tokyo economists continue to carp at the government for not doing enough to snap the economy out of its doldrums, a few analysts are starting to call the end of the recession. Salomon Brothers Inc.'s Robert Feldman, for example, sees Japan's real gross national product growing 3.1% in the fiscal year starting next April, following the anemic 2% or less expected this year. Corporate earnings in his scenario would make up most of the ground they lost this year. Feldman, who was notably gloomy in the downturn, thinks that much of the growth will come as a result of stimulus added to the $87 billion package that the government announced last August.
While most indicators are still bearish, housing starts remain strong. Although private bank lending remains weak, lending by government institutions, which accounts for 19% of the total, is ahead of last year.
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