The Bank of Japan raised its economic assessment for three of the country’s nine regions in a quarterly report on Monday, saying that most areas were seeing a moderate economic recovery.
TOKYO The Bank of Japan raised its economic assessment for three of the country’s nine regions in a quarterly report on Monday, saying that most areas were seeing a moderate economic recovery.
The upgrade reflected a pick-up in private consumption and demand from emerging Asian economies, underscoring brighter prospects for the world’s third-largest economy.
The central bank maintained its assessment for the remaining six regions.
“Japan’s economy continues to recover moderately as a trend and is likely to expand moderately ahead,” BOJ Governor Haruhiko Kuroda told a quarterly meeting of the central bank’s regional branch managers on Monday.
It was the first time in seven quarters that the BOJ has raised its assessment for as many regions, indicating the bank’s growing conviction that Japan’s recovery was gaining momentum.
“Overseas economies continued to grow at a moderate pace,” while increasing income was helping boost spending, the BOJ said in the report.
The report, issued at the BOJ’s meeting of its regional branch managers, will be among factors the bank’s board will scrutinize at its rate review on Jan. 30-31.
Many analysts expect the BOJ to hold off on expanding stimulus in coming months on brightening economic prospects.
Growth in Japan’s economy has been subdued but exports and factory output have recently shown signs of life on a pick-up in emerging Asian demand.
Retail sales rose in November, suggesting a broader improvement in the economy as a tightening job market gradually pushes up wages.
(Reporting by Leika Kihara- Editing by Chang-Ran Kim & Shri Navaratnam)
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