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.
July 19, 2024
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