Bank of Japan officials are likely to discuss raising their economic outlook slightly in a quarterly report due later this month after signs conditions have improved earlier than expected, people familiar with the matter said.

BOJ officials see a strong recovery in the United States and China as a driving force for Japan’s export-reliant economy, the people said. While uncertainties remain high due to rising virus cases at home, the government’s decision to target its measures to control the spread of infection have helped limit the overall economic damage, the people said.

That leaves scope for a slight upward revision to the BOJ’s growth projections for the fiscal year that started this month and for next year, according to the people. The bank’s current forecasts released in January are for economic growth of 3.9% in the year started April 1 and 1.8% in the following year.