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Regional Economic Report (Summary) (July 2017)*

  • This report summarizes the reports from all regional research divisions, mainly at the Bank's branches in Japan, and is based on data and other information gathered for the meeting of general managers of the Bank's branches held today. The English translation is based on the Japanese original.

July 10, 2017
Bank of Japan

I. Regional Economic Assessments (Overview)

According to assessments from regions across Japan, six regions (Hokuriku, Kanto-Koshinetsu, Tokai, Kinki, Chugoku, and Kyushu-Okinawa) reported that their economy had been expanding moderately, or had been turning toward a moderate expansion, and three regions (Hokkaido, Tohoku, and Shikoku) noted that the economy had continued to recover moderately. These reports were based on the assessments that the virtuous cycle from income to spending had become firmer, as labor market conditions had continued to tighten steadily and private consumption had increased its resilience, while exports had been on an increasing trend with overseas economies growing at a moderate pace.

Compared with the previous assessment in April 2017, five regions (Hokkaido, Kanto-Koshinetsu, Kinki, Chugoku, and Kyushu-Okinawa) revised their assessments upward. These assessments were based primarily on reports that (i) production had been increasing, mainly in electronic parts and devices and in production machinery, both of which were bound for overseas (Hokkaido, Kanto-Koshinetsu, Kinki, and Chugoku), (ii) private consumption had been on the rise, assisted mainly by steady sales of durable consumer goods and high-end products (Kanto-Koshinetsu, Kinki, Chugoku, and Kyushu-Okinawa), and (iii) as for public investment, disaster relief construction had been in progress and orders for construction works associated with the supplementary budget for fiscal 2016 had become noticeable (Hokkaido, Kanto-Koshinetsu, and Kyushu-Okinawa). Meanwhile, the other four regions reported that their assessments had remained unchanged.

Comparison of Previous and Current Assessments by Region
Region Assessment in April 2017 Changes
from the
previous
assessment1
Assessment in July 2017
Hokkaido The economy has been recovering moderately. upper right The economy has been recovering.
Tohoku The economy has continued its moderate recovery trend. unchanged The economy has continued its moderate recovery trend.
Hokuriku The economy has been expanding moderately. unchanged The economy has been expanding moderately.
Kanto-
Koshinetsu
The economy has continued its moderate recovery trend. upper right The economy has been turning toward a moderate expansion.
Tokai The economy has been expanding moderately. unchanged The economy has been expanding moderately.
Kinki The economy has been recovering moderately. upper right The economy has been on a moderate expanding trend.
Chugoku The economy has been recovering moderately. upper right The economy has begun to expand moderately.
Shikoku The economy has continued to recover moderately. unchanged The economy has continued to recover moderately.
Kyushu- Okinawa The economy has been recovering moderately. upper right The economy has been expanding moderately, although variations had been seen among local areas and industries.
  1. With regard to the changes from the previous assessment, arrows pointing to the upper right or lower right indicate changes in the pace of improvement or deterioration compared with the previous assessments, respectively. For example, an acceleration in the pace of improvement or deceleration in the pace of deterioration is indicated with an arrow pointing to the upper right. A horizontal arrow pointing to the right indicates that the pace of improvement or deterioration in economic conditions is unchanged compared with the previous assessments.

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