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Regional Economic Report (Summary) (October 2019)*

  • 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.

October 15, 2019
Bank of Japan

I. Regional Economic Assessments (Overview)

According to assessments from regions across Japan, all nine regions reported that their economy had been either expanding or recovering. The background to this was that domestic demand had continued on an uptrend, with a virtuous cycle from income to spending operating in both the corporate and household sectors, although exports, production, and business sentiment had been affected by the slowdown in overseas economies.

Compared with the previous assessment in July 2019, the Hokkaido region revised up its assessment, whereas the other eight regions reported that their assessments were unchanged.

Meanwhile, there were many reports from firms regarding their views on overseas demand, their fixed investment stance, and the effects of the October 2019 consumption tax hike.

Comparison of Previous and Current Assessments by Region
Region Assessment in July 2019 Changes
from the
previous
assessment 1
Assessment in October 2019
Hokkaido The economy has been recovering moderately. upper right The economy has been expanding moderately.
Tohoku The economy has continued to recover moderately, although some weakness has been observed in part. unchanged The economy has continued to recover moderately, although some weakness has been observed in part.
Hokuriku The economy has been expanding moderately. unchanged The economy has been expanding moderately.
Kanto-
Koshinetsu
The economy has been expanding moderately, although exports and production have been affected by the slowdown in overseas economies. unchanged The economy has been expanding moderately, although exports and production have been affected by the slowdown in overseas economies.
Tokai The economy has been expanding. unchanged The economy has been expanding.
Kinki The economy has continued to expand moderately, although some weakness has been observed in part. unchanged The economy has continued to expand moderately, although some weakness has been observed in part.
Chugoku The economy has been expanding moderately. unchanged The economy has been expanding moderately, although some weakness has been observed in part.
Shikoku The economy has been recovering. unchanged The economy has been recovering.
Kyushu- Okinawa The economy has been expanding moderately. unchanged The economy has been expanding moderately.
  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 assessment.

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