TOKYO Thu Mar 19, 2015 7:39pm EDT

Japan's Cabinet Office is expected to raise its view on the economy for the first time in eight months in its March report, thanks to improving factory output and corporate earnings, the Nikkei business daily reported on Friday.

The monthly report is expected to say the moderate economic recovery is steadily progressing, while the pace of an improvement in private consumption is slow, the Nikkei said.

Among key economic elements, the Cabinet Office will likely upgrade its view on industrial production and corporate earnings, while maintaining its assessment on private consumption, according to the report.

The government is expected to release the report on Monday.