The Japanese government has moved to cut its GDP growth forecast for the current fiscal year to 0.7%, down from the 1.2% estimate projected back in January. This comes as US tariffs could weigh on Japanese firms' appetite on capital expenditure as exports to the US will take a significant hit. Adding to that will be persistent concerns surrounding inflation that is expected to weigh further on domestic consumption.
Looking out to the next fiscal year though, the government is keeping a view that the economy will sustain a domestic-demand led recovery with wage growth poised to outpace inflation and help out with private consumption. They see GDP growth forecast picking up to 0.9% in the year after as such.
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