Japanese government cuts FY2023-24 GDP forecast to 1.3% vs. 1.5% previous

In a mid-year review of its forecasts published on Thursday, the Japanese government cut economic growth forecast for the current fiscal year to 1.3% expansion from 1.5% projected in January.

Additional takeaways

“Expect the economy to grow 1.2% in fiscal 2024.”

“Expect overall consumer inflation to hit 2.6% in the current fiscal year, up from 1.7% seen in January and exceeding BoJ’s 2% target.”

“Expect overall consumer inflation to hit 1.9% in fiscal 2024.”