BOJ Offers Mixed View of Japan’s Regional Economies
The Bank of Japan on Monday offered a mixed view of the nation’s local economies, saying some areas continue to struggle with the impact of the coronavirus pandemic while many regions are showing signs of recovery.
The BOJ lowered its view on two of Japan’s nine local economies, including the region at the western edge of the country’s main island. The pace of the pickup in two regions has moderated, the bank said in its quarterly Sakura Report, Japan’s equivalent of the Federal Reserve’s Beige Book report.
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China’s gross domestic product (GDP) for the January-to-March 2021 quarter grew by a whopping 18.3% over the corresponding period in 2020, the National Bureau of Statistics of China (NBS) announced on April 16. The pickup in China’s economy has been a tailwind for Japanese companies that export to China or have manufacturing bases there.
However, a new risk has emerged revolving around the abuse of human rights in the Xinjiang Uyghur Autonomous Region. Japanese companies say they will take a firm stance in suspending business relations with business partners that are found to be forcing Uyghurs to work. On the other hand, there has been concern over Chinese threats to retaliate with boycotts against Japanese goods, which has put the companies in a tough position.
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