Greenspan: U.S. Economy Moving Upward

The U.S. economy is, overall, moving upward and showing signs of accelerating again, former Federal Reserve Chairman Alan Greenspan told Japanese Finance Minister Koji Omi, a Japanese Finance Ministry official said on Monday.

Omi, who is meeting top economic officials in Washington, met with Greenspan on Monday afternoon to discuss the U.S. and Japanese economies.

U.S. economic growth slowed in the latter half of 2006, and many Fed officials expect growth to be near or slightly below trend before picking up later this year.

Greenspan also said the stabilization of Japan's financial system was a welcome development, the MOF official said.

Omi, who also met U.S. Treasury Secretary Henry Paulson earlier in the day, said Japan's economy was on a steady recovery track. Paulson told his counterpart that the U.S. economy was solid, Omi said.