more to come
Japan’s government cut growth
forecast for
the current fiscal year ending in March 2025
to a 0.9% expansion
from a 1.3% gain projected in January
expects the economy to grow 1.2% in fiscal
2025consumption took a hit from
rising import costs
due to a weak yenprojected
growth to accelerate next year on robust
capital expenditure
and consumptionretaining its view the
economy will sustain
a domestic demand-led recoverySome members of
the government’s top economic council,
however, voiced
concern over recent weakness in consumption and
the pain the yen’s
falls were inflicting on households.
“We can’t
overlook the impact a weak yen and rising prices
are having on
households’ purchasing power,” the private-sector
members of the
council told Friday’s meeting that discussed the
new growth
forecasts.”The government and the Bank of Japan must guide policy with
a close eye on
recent yen declines”
This article was written by Eamonn Sheridan at www.forexlive.com.
