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


Apr 4, 2024

News from Japan on April 4, 2024, shows that the Bank of Japan has downgraded its assessments of seven out of nine regions in the country due to weak private consumption and auto production. Despite this, the economy as a whole is still in the process of recovering.

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, the report mentions changes in corporate price-setting behavior which could further contribute to economic growth.

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

By editor

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