Japan says economy recovering

The Japanese Finance Ministry sounded an upbeat tone about the country's economy on Wednesday, using recovery in its assessment for the first time in nearly six years.

Japan's regional economy "is on the way to recovery at a moderate pace," the ministry said in a quarterly report on the economic situation from July to September.

The overall assessment has been lifted for three consecutive quarters, with the world's third largest economy boosted by strong exports and rebounded consumer spending.

Out of 11 regions, seven were upgraded, and the regional economies are expected to grow further, ministry officials said, citing the ultra-loose monetary policy and fiscal stimulus introduced by Prime Minister Shinzo Abe's government as major reasons.