The Japanese government has raised its economic growth forecast for this fiscal year

According to Jinshi's report, the Japanese Cabinet stated that due to external demand potentially offsetting weak domestic consumption, the Japanese government has slightly raised its economic growth forecast for this fiscal year. The actual economic growth rate for the 2023/24 fiscal year is expected to be 1.6%, higher than the previous estimate of 1.3% six months ago, with inbound tourism and automobile production recovery contributing 1.4% to overall growth. The next fiscal year's economic growth rate is projected to slightly slow down to 1.3%, slightly higher than the previous estimate of 1.2%. The government's forecast is more optimistic compared to private sector economists' predictions, who expect Japan's economy to grow by 1.5% this fiscal year and by 0.9% in the next fiscal year. Overall CPI is expected to rise by 3.0% this fiscal year and is projected to slow down to 2.5% in the next fiscal year.