In his speech, Mr Mori stressed that information technology was the engine which would power Japan's recovery. Mixed economic signals have made it hard to determine whether the Japanese recovery is really underway, while many international observers have criticised the slow pace of structural reform. But, the confident picture painted by Japan was also punctured by earlier comments from the International Monetary Fund's Stanley Fischer. Japan's economy is still struggling to recover from the bursting of the asset price bubble in the early 1990s. Many high profile companies have gone bankrupt, including Sogo, one of the countries' largest retailers.
Consumer confidence remains moribund, with people still reluctant to part with their cash.
The country's debt burden has also ballooned, as the government has unveiled numerous fiscal packages in a bid to boost public spending. Once Japanese companies have adjusted their balance sheets to cover new accountancy rules later this year, growth should pick up, he said. Again he stressed the importance of IT as an engine for economic growth. But it is arguable whether IT can pull the Japanese economy through. Having come late to previous technology revolutions, Japan now sees the mobile internet as one way to regain economic stature.