BoJ: Japan's Economy Continues To Recover Moderately

The Bank of Japan turned more upbeat on the economy, the Monthly Report on Recent Economic and Financial Developments revealed Monday.

Japan's economy has continued to recover moderately as a trend as the effects of the decline in demand following the sales tax hike have been waning on the whole, it said.

The bank raised its assessment of exports and industrial production. Exports have shown signs of picking up compared to its last assessment of "more or less flat."

Industrial production has started to bottom out. At the previous report, the bank said the weakness in industrial production remained with inventory adjustments.

Looking forward, the bank said Japan's economy is expected to continue its moderate recovery trend and the effects of sales tax hike are set to dissipate.

The BoJ last week maintained the annual pace of increase in the monetary base at about JPY 80 trillion. The bank expanded its stimulus last on October 31.

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