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Regional Economic Report (Summary) (April 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.

April 8, 2019
Bank of Japan

I. Regional Economic Assessments (Overview)

According to reports from regions across Japan, the economy has continued to either expand or recover in all nine regions. Compared with the previous assessment in January 2019, with the effects of the slowdown in overseas economies on exports and production being pointed out, five regions (Kanto-Koshinetsu, Tokai, Kinki, Chugoku, and Shikoku) left their assessments unchanged, while three regions (Tohoku, Hokuriku, and Kyushu-Okinawa) revised down their assessments. Meanwhile, the Hokkaido region revised up its assessment, due to the dissipation of downward pressure stemming from the 2018 Hokkaido Eastern Iburi Earthquake.

The background behind these assessments was that domestic demand had continued to show firm developments, with a virtuous cycle from income to spending operating in both the corporate and household sectors. Specifically, although exports and production have been affected by the slowdown in overseas economies recently, business fixed investment has continued on an increasing trend, with corporate profits staying at a favorable level on the whole. Private consumption has been increasing moderately, albeit with fluctuations, against the background of steady improvement in the employment and income situation.

Comparison of Previous and Current Assessments by Region
Region Assessment in January 2019 Changes
from the
previous
assessment1
Assessment in April 2019
Hokkaido 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. upper right The economy has been recovering moderately.
Tohoku The economy has continued to recover moderately. lower right The economy has continued to recover moderately, although some weakness has been observed in part.
Hokuriku The economy has been expanding. lower right The economy has been expanding moderately.
Kanto-
Koshinetsu
The economy has been expanding moderately. 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. unchanged The economy has continued to expand moderately.
Chugoku The economy has been expanding moderately. unchanged 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. lower right 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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