The Bank of Japan on Monday upgraded its view on seven of the nine regional economies, reflecting the diminishing negative impact of COVID-19 on private consumption even though supply bottlenecks persist.
In its quarterly Sakura report, the BOJ maintained its previous assessment on the remaining two regions — Kanto-Koshinestu, which includes Tokyo and Tokai in central Japan where Toyota is headquartered.
The report said many economies have been "picking up moderately," despite the lingering effect of supply constraints, partly due to lockdowns in China, according to the Japanese central bank.