The Bank of Japan raised its economic assessment of three of the nine regions citing that the pace of recovery had accelerated. The assessment of remaining six regions were left unchanged.
In its quarterly Regional Economic Report, the bank upgraded its view on Hokuriku, Tokai and Kinki regions. The other six regions reported that their assessments regarding the pace of economic improvement had remained unchanged.
In the January report, the bank kept its economic view on eight regions and downgraded the assessment of Hokkaido.
"All regions reported that the economy had been recovering moderately or recovering, mainly against the background of a pick-up in production assisted primarily by a moderate increase in demand both at home and abroad and of the ongoing steady improvement in the employment and income situation," it said.
With respect to production, the bank said four regions reported that it had been at a high level or was increasing and four other regions noted that it was picking up or picking up moderately. The Chugoku region reported that it had been more or less flat as a whole.
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