Japan’s central bank raises assessment of 6 regional economies over strong domestic demand

TOKYO: The Bank of Japan (BOJ) on Thursday upgraded its economic views on six of the country’s nine regions, supported by strong domestic demand despite inflation and a revival of inbound tourism, reported Xinhua.

In its quarterly report reviewing the Japanese regional economies, the Kanto-Koshinetsu area centring on Tokyo is among the six that saw an upgrade, while the assessments were retained for the remaining three regions – the Kinki region that includes Osaka and Kyoto, Tokai, and Kyushu-Okinawa.

“All nine regions reported that their respective economies, despite being affected by a slowdown in the pace of recovery in overseas economies and by price rises, had been either picking up or recovering moderately,“ the BOJ said.

The upgrades also came as a weaker yen has served as a boon to foreign tourists, with the total number of visitors to Japan recovering to nearly pre-pandemic levels.-Bernama