The Bank of Japan (BOJ) raised its economic forecasts for six of Japan’s nine regions on Thursday, citing solid domestic demand despite inflation and a rebound in inbound tourism.
In its quarterly report on Japan’s regional economies, the Kanto-Koshinetsu region centered on Tokyo was one of six that received an upgrade, while the evaluations for the remaining three areas—the Kinki region centered on Osaka and Kyoto, Tokai, and Kyushu-Okinawa—remained unchanged.
“Despite a slowing in the speed of recovery in foreign economies and price hikes, all nine regions indicated that their respective economies were either picking up or recovering moderately,” the BOJ stated.
The improvements also come as the yen’s weakness has benefited international tourists, with the overall number of visitors to Japan returning to pre-pandemic levels.
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