The Japanese government on Friday revised up its assessment of the economy for the first time in four months, as recovery picked up on the back of improvement in household income and business investment.

"The Japanese economy is recovering at a moderate pace," the Cabinet Office said in its monthly report.

The report noted that the economy may continue to recover as household income and business investment increase.

It also noted that exports were in a weak tone recently. However, industrial production is increasing at a moderate pace, according to the Cabinet Office.

RTTNews