Japan cuts growth forecast to 0.9% for FY 2024 due to weak yen impacting consumption.

Japan cuts growth forecast to 0.9% for FY 2024 due to weak yen, as consumption takes a hit from rising import costs. The government projected growth would accelerate next year on robust capital expenditure and consumption, retaining its view that the economy will sustain a domestic demand-led recovery. Some members of the government's top economic council voiced concern over recent weakness in consumption and the pain the yen's fall was inflicting on households.