The Bank of Japan (BOJ) raised its economic assessment for most of the country’s nine regions, saying that they were starting to pick up and underscoring the central bank’s growing conviction that the Japanese economy is emerging from the COVID-19 pandemic.
BOJ Governor Haruhiko Kuroda said that the world’s third-largest economy was likely to continue recovering, thanks in part to the boost from fiscal and monetary stimulus measures.
The upbeat view reinforces market expectations that the BOJ would hold off ramping up stimulus for now and focus on pumping money into the economy.
“Once the impact of the coronavirus pandemic subsides globally, Japan’s economy is likely to continue improving further as overseas economies resume steady growth,” Kuroda said yesterday in a speech at a branch manager meeting.
In a report released after the quarterly meeting, the central bank raised its assessment for eight of Japan’s nine areas, including regions home to major manufacturing hubs such as Osaka and Nagoya.
Shikoku, an island in western Japan, was the only area that did not show improvement, according to the Sakura report, the BOJ’s equivalent of the US Federal Reserve’s Beige Book survey. Three months ago, the bank downgraded all nine regions due to the pandemic.
“While economic conditions remain severe in many regions due to the pandemic, they are starting to rebound or show signs of a pick-up as business activity gradually resumes,” it said.
The BOJ next meets for a rate review on Oct. 28 to 29, when it is also to release fresh quarterly economic and price projections.
The BOJ expanded stimulus in March and April by ramping up asset buying and creating a new lending facility. It has kept policy steady since then.
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