BoJ downgrades economic assessment of 8 regional economies
2012-10-22 10:53:50
The Bank of Japan on Monday downgraded it assessment of eight out of the nine regional economies in October, reflecting the central bank's downbeat view of the overall economy.
Eight regions reported that the pick-up or the recovery in economic activity observed at the time of the last assessment in July had come to a pause or that the pace had moderated, the BoJ said in the report.
According to the central bank, this is mainly due to further weakening of overseas economies.
The eight regions are Hokkaido, Hokuriku, Kanto-Koshinetsu, Tokai, Kinki, Chugoku, Shikoku, and Kyushu-Okinawa. The assessment of Tohoku region was unchanged.
The central bank is widely expected to cut growth forecasts and consider further policy easing steps at its upcoming meeting on October 30.
Meanwhile, in a speech at the BoJ branch managers' quarterly meeting on Monday, Governor Masaaki Shirakawa said that "the economic activity is leveling off more or less," reiterating the bank's view. He said the BoJ will continue to monitor the impact of yen on the economy.