TOKYO - The Bank of Japan (BOJ) upgraded its view on housing investment in its monthly report released on Tuesday, saying it has been recovering moderately.
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The BOJ had said in last month's report that there were signs of recovery in housing investment although it remained at low levels. The central bank kept its assessment unchanged that the nation's economy is slowing mainly due to the effects of high energy and raw material costs.
Japan's gross domestic product grew 0.8 per cent in January-March from the previous quarter, beating market expectations for a 0.6 per cent increase thanks to strong exports that weathered a US downturn.
Housing investment also rebounded in the first quarter.
Firms shrank from investment in the quarter as they braced for slowing global growth and high energy costs to hit the world's No 2 economy, the data released last Friday showed. -- REUTERS
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