Bank of Japan's Half-Yearly Economic Report

Even Japan's central bank admits it is a propped up "recovery". From the Bank of Japan's half-yearly economic and price outlook report:

The global economy has been gradually emerging from a grave situation of panicked contraction of economic and financial activity induced by the financial crisis that broke out in the autumn of 2008. Global financial markets have been improving, and the global economy has picked up.

However, the stabilization of global financial markets and the global economy to date has largely been achieved through the effects of large-scale policy measures by public authorities around the world as well as progress in various adjustment processes in the private sector.

The outlook for the global economy will hinge, among other things, on the possible consequences of balance-sheet adjustments in the United States and Europe and developments in emerging economies, which have been contributing significantly to the current recovery in the global economy. The uncertainty involved in these factors remains high, although it has decreased somewhat. Against this backdrop, in considering the outlook for economic activity and prices, the baseline scenario and various risk factors should be carefully examined.