Bank of Japan Gov. Kazuo Ueda said Tuesday that the economy was recovering but also showing some signs of weakness, offering a slightly bleaker assessment than in January in a nod to a recent batch of soft data on consumption.
The remarks come ahead of the central bank's policy meeting next week, where the board will debate whether the outlook is bright enough to phase out its massive monetary stimulus.
Speaking in parliament on Tuesday, Ueda said consumption was weakening for food and daily necessities amid higher prices. But he said household spending was improving moderately on hopes for higher wages ahead.
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