BOJ Said to Consider Raising Economy Assessment as Growth Jumps

The Bank of Japan may upgrade its assessment of the nation’s economy as evidence mounts that domestic demand is strengthening, according to people familiar with the central bank’s discussions.

After saying last month that “Japan’s economy has stopped weakening and has shown some signs of picking up,” the central bank could alter the wording to underscore progress in the recovery, according to the people, who asked not to be named as the BOJ discussions are private.

The next assessment will come after a May 22 monetary policy meeting. One possibility is dropping the reference to “stopped weakening.”

Japan’s economy expanded the most in a year last quarter as consumer spending and export gains outweighed the weakest business investment since the wake of the March 2011 earthquake, a government report showed today. Gross domestic product rose an annualized 3.5 percent.

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