TOKYO (AFX-ASIA) - The Bank of Japan upgraded its June assessment of the economy, noting recent stabilisation, with a distinct increase in exports and a pickup in production, although domestic private demand remains weak. However, the outlook for the economy remains unchanged, it said, stressing domestic demand remains weak as public investment is expected to continue declining, while private-sector demand will likely be weak for the time being. "Among the bright spots are exports," the central bank said. Exports are increasing "distinctly" the latest assessment said, although the bank noted in its outlook that the pace of the rise will likely become more gradual, following the speed of the US economic recovery and demand for IT. Production is "picking up", the bank said, compared with the previous assessment that output is close to a revival, while the inventory adjustment is now "completed", compared with the previous view that it is progressing further. The view that corporate investment is declining was maintained. Wholesale prices may edge down on a possible fall in import prices on the recent strong yen, the bank said in its outlook, after previously saying the prices will be flat for some time. Consumer prices will "stay on a falling trend for the time being at the current gradual pace", the bank said, leaving its assessment mainly unchanged. "Private consumption, despite some resiliance, remains weak as a whole," the bank said in a statement. Previously, the assessment said consumption remains weak.