The Bank of Japan downgraded its estimates for eight of the country’s nine local economies due to a renewed rise in coronavirus cases and supply chain constraints.
Economic recovery in the eight regions, including Tokyo and Saka, showed some signs of slowing, according to the quarterly regional economic report.
The report also showed that companies are finding it difficult to raise the prices of their products and services, despite the higher cost of raw materials, as Japanese consumers remain price-sensitive.
Earlier in the day, central bank governor Haruhiko Kuroda reaffirmed the central bank’s relaxed political stance and promised further policy easing if needed.
Source: Capital
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