TOKYO, July 8 (Xinhua) -- The Bank of Japan (BOJ) raised its assessments for the majority of the nation's regional economies in its July quarterly regional economic report released on Thursday.
According to the central bank's Sakura Report, eight out of nine regions had their economic assessments upgraded from the previous quarter and in particular the four regions of Kanto- Koshinetsu, Kinki, Chugoku and Kyushu-Okinawa were assessed as " recovering at a moderate pace."
In addition the BOJ noted that Hokkaido, Tohoku, Hokuriku, Shikoku had all seen "improvements" to their local economies, whilst the assessment of the Tokai region remained unchanged from the previous quarter as "picking up."
Many regions reported that capital spending "has either stopped decreasing or has started picking up and the degree of severity in the employment and income situation has eased," the BOJ said in the report.
Although the central bank upgraded its assessment of Japan's overall economic situation in May, stating that the nation's economy is starting to recover moderately, the majority of the regions assessed in the Sakura Report maintained that economic activity continued to be sluggish and different regions and industries were developing at a different paces.