Japan says GDP growth could slow to 0.9% on weakening global demand

Japan's government slashed its economic growth forecast for this year large...

TOKYO - Japan’s government slashed its economic growth forecast for this year largely due to weaker exports, in a sign the protracted U.S.-China trade war is taking a bigger toll on the world’s third-largest economy.

The economy is now expected to expand 0.9% in price-adjusted real terms in the fiscal year ending in March 2020, according to the Cabinet Office’s projections, presented at the Council on Economic and Fiscal Policy - the government’s top economic panel. This would make export growth for the current fiscal year the slowest since fiscal 2012, when they contracted with 1.7%, according to a Cabinet Office official.

The Cabinet Office projected overall consumer inflation, which includes volatile fresh food and energy costs, at 0.7% for this fiscal year and 0.8% for the following year - remaining distant from the BOJ’s 2% target.

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