Bank of Japan lowers economic outlook for 7 out of 9 regional economies while highlighting robust wage growth.

Revised Assessments of Seven Japanese Regions Mark Setback in Recovery Process, but Positive Indicators Persist

According to recent reports from Japan on April 4, 2024, the Bank of Japan has revised its assessments of seven out of nine regions in the country due to weak private consumption and auto production. Despite this setback, the economy is still in the recovery process.

In their quarterly Sakura report, the BOJ has highlighted positive indicators such as wage hikes spreading from larger firms to smaller ones. This suggests that the central bank’s 2 percent inflation target is achievable. Additionally, changes in corporate price-setting behavior could further contribute to economic growth.

The seven regions that have been downgraded include Tokyo and Tokai, where Toyota Motor Corp. is headquartered. However, regions such as Hokkaido and Shikoku still show promise for economic improvement. The Bank of Japan continues to closely monitor these regions and the overall economic situation in the country.

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