MNI BRIEF: Japan Govt Sees FY24 GDP At 1.3% Vs. FY23's 1.6%

Japan's government has lowered its real GDP forecast for fiscal 2024 starting on April 1 to 1.3% from FY2023's forecast of 1.6% due to the slowing global economy, the Cabinet Office said on Friday.

The government’s based its forecast on the view that domestic demand, such as private consumption and capital investment, will boost economic growth.

Private consumption and capital investment are expected to rise 1.2% and 3.3% y/y in FY2024, revised up from 0.1% and 0.0% this fiscal year.

The government expects the Consumer Price Index 2.5% y/y, down from this fiscal year's 3.0% forecast, due to high import prices.

It expects the yen to trade at JPY149.8 against the dollar from JPY145.4, however, this is not the governments own forecast.

Unemployment should print about 2.5%, down from this fiscal year's forecast of circa 2.6%.