Japan's economy is facing more headwinds than previously thought, after it dropped to the world's fourth-largest, trailing the United States, China and now Germany, and unexpectedly slipping into recession last year.
Japan's economy shrank an annualized real 2.9 percent in July-September, sharper than the previously reported 2.1 percent, hurt by weaker-than-expected private consumption and slowing growth of exports, government data shows
The International Monetary Fund lifts its 2023 growth forecast for Japan to 2 percent, up from its 1.4 percent prediction in July, citing "a surge in inbound tourism" as one of the major factors.
Japan's economy grew at a stronger-than-expected annualized real 6.0 percent in the April-June quarter on robust auto exports and a revival in inbound tourism, though an unexpected drop in private consumption cast a pall over the outlook, preliminary government data showed Aug. 15