The economy is recovering steadily and is expected to continue improving on the back of a positive cycle of rising production, income and spending, Bank of Japan Gov. Toshihiko Fukui said Tuesday.
"Exports and industrial production continue to rise while high profits allow companies to increase capital investment," Fukui said in a speech at a quarterly meeting of BOJ branch managers.
Incomes also are increasing gradually, reflecting improvements in employment conditions and wage hikes, Fukui said at the one-day meeting, adding personal spending is also on the rise.