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Regional Economic Report (Summary) (January 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.

January 10, 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. Compared with the previous assessment in October 2018, the Hokkaido and Chugoku regions, which had revised down their assessments due to the effects of the natural disasters -- namely, the 2018 Hokkaido Eastern Iburi Earthquake and the heavy rain in July 2018 -- revised up their assessments, taking into account the progress in restoration and reconstruction. The assessments for the other seven regions (Tohoku, Hokuriku, Kanto-Koshinetsu, Tokai, Kinki, Shikoku, and Kyushu-Okinawa) were unchanged.

The background behind these assessments was that the virtuous cycle from income to spending had been maintained, as exports had been on an increasing trend with overseas economies continuing to grow firmly on the whole, labor market conditions had continued to tighten steadily, and private consumption had been increasing moderately. Although the impact of uncertainties regarding overseas economies -- including the trade friction between the United States and China -- has been limited thus far, a gradually increasing number of firms are pointing to some effects, such as a decline in orders.

Comparison of Previous and Current Assessments by Region
Region Assessment in October 2018 Changes
from the
previous
assessment1
Assessment in January 2019
Hokkaido The economy has been recovering moderately as a trend, although downward pressure due to the effects of the 2018 Hokkaido Eastern Iburi Earthquake is being observed. upper right The economy has been recovering moderately as a trend, and downward pressure due to the effects of the 2018 Hokkaido Eastern Iburi Earthquake has continued to ease.
Tohoku The economy has continued to recover moderately. unchanged The economy has continued to recover moderately.
Hokuriku The economy has been expanding. unchanged The economy has been expanding.
Kanto-
Koshinetsu
The economy has been expanding moderately. unchanged The economy has been expanding moderately.
Tokai The economy has been expanding. unchanged The economy has been expanding.
Kinki The economy has been expanding moderately, although effects of Typhoon No. 21 are being observed in economic activity. unchanged The economy has continued to expand moderately.
Chugoku Although the economy was damaged by the heavy rain in July 2018, it has been expanding moderately as a trend, amid the effects of the heavy rain waning, mainly reflecting the restoration of social infrastructure. upper right The economy has been expanding moderately.
Shikoku The economy has been recovering. unchanged The economy has been recovering.
Kyushu- Okinawa The economy has been expanding moderately, with its growth gaining a more solid footing. unchanged The economy has been expanding moderately, with its growth gaining a more solid footing.
  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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