The Bank of Japan on Thursday upgraded its assessments of eight out of nine regional economies, reinforcing the view that the country's economy is beginning to emerge from its worst-ever contraction brought on by the coronavirus pandemic.
The central bank released its quarterly Sakura report amid signs of pickup in exports and production. Of the nine regions, only Shikoku saw the assessment maintained from the previous report in July.
Although economic conditions remained "severe," many regions reported that their economies "had started to pick up or shown signs of a pickup" as economic activities resumed following suspensions due to the pandemic, the report said.