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Japan raises growth forecast as yen slides

February 20. 2013 3:55AM
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(AP) Japan's government has raised its growth forecast, predicting the economy will expand 2.5 percent in the coming fiscal year, thanks to a weakening yen and improved global demand for exports.

The Cabinet office said Monday that expectations the weaker yen will boost exports and fatten manufacturers' earnings prompted the revision from the earlier estimated 1.7 percent growth in fiscal 2013, which begins April 1.

The consumer price index is forecast to rise 0.5 percent, less than the inflation target of 2 percent. Inflation-adjusted growth for this fiscal year is estimated at 1.0 percent.

The revised forecasts assume the yen will average 87.8 yen per U.S. dollar in fiscal 2013, compared with 81.9 yen per dollar for this fiscal year.

Associated Press

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