The majority of top executives at major Japanese companies nationwide believe the domestic economy is recovering, according to a recent survey conducted by Kyodo News.

A total of 68 percent of executives believe the economy is getting better, compared with 56 percent in the previous survey, carried out in October 1999, and 26 percent in a survey conducted in March last year.

The latest survey was conducted in early and mid-March on top executives at 150 companies, with 137 of the firms replying.

However, the survey showed that few people share the government's view that the economy is on its way to a "self-sustainable" recovery.

In its monthly economic report released March 17, the Economic Planning Agency said the economy is showing signs of heading toward a self-sustainable recovery, upgrading its assessment for the first time in five months.

Only 4 percent of the respondents to the survey said they believe the economy is heading toward a self-sustainable recovery.

Those saying the economy is at a standstill came to 31 percent, down from 43 percent in the previous survey in October, but showing that one in three companies are still wary.

Asked about concerns for the future, 90 executives pointed to the appreciation of the yen and 78 cited a drastic decline in U.S. stock prices.

A total of 55 executives said they are worried about the ballooning of Japan's budget deficit, while 27 executives were concerned about the future trend of personal consumption.