Recently, the concept of City Promotion (CP) has spread in many cities in response to a perceived urban decay crisis. CP is an activity whereby a city’s various stakeholders cooperate to promote the area’s events, facilities and unique attributes both locally and regionally. This regional effort by multi-stakeholders is generally called cooperation. Effectiveness in cooperative CP requires all participants to have a positive attitude towards particular and common perceptions of such activities as motivation, goal-achievement and problem solving. In earlier CP discussions, the parties involved were entirely focused on evaluation by single suggestions, particularly among CP initiatives where efforts were focused on a variety of fields. Specifically, it was difficult to construct a framework regarding normative concepts and make an evaluation of cooperation. Towards CP evaluation of cooperation, an approach supporting mutual learning and growth among stakeholders is suggested. Hence, based on a theory of knowledge creating management, we focus on the sharing of implicit knowledge among citizens. It was assumed that sharing implicit knowledge among stakeholders involved will enhance cooperative abilities and further advance CP in the region. Therefore, this study aimed to analyze actual conditions regarding mutual perceptions among stakeholders in a pioneer region for CP, and clarify the factors that function in effective CP. Hamamatsu City in Shizuoka Prefecture was chosen as the study area because it is a pioneering area for CP, and its plan is content-rich for selecting target stakeholders in this study. Interviews were conducted for six stakeholders, including the Hamamatsu municipal government and the chamber of commerce, each having a key role in CP. In determining the questionaire items, we classified the stakeholders perception in terms of principles, actions and results, to better understand the participant’s complex perceptions. Furthermore, we analyzed the actual conditions of the three perspectives. As a result, following the actual conditions of CP, the importance of mutual perceptions was identified. First, because a proactive approach by the city administrators has had a positive influence on the development of participation among stakeholders with poor motivation, the importance of a shared perception concern for city problems and the significance of CP were presumed. Secondly, because each stakeholder has been developing real activities under the visible division of roles, the importance of mutual understanding concerning each role was supposed. Thirdly, because each stakeholder had many perceptions about negative appraisals, regardless of developing activities, it is believed that a shared perception about mutual problems and future visions is important for developing effective CPs. Future studies should include a comparison among cities with different regional characteristics to provide a generalization for the construct clarified in this study.JEL Classification:Z18, Z19