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Japan may cut forecast for economic growth

By Li Qiaoyi (Global Times)

08:24, October 08, 2012

The Japanese government is considering cutting its forecast for economic growth for the third month in a row, the Nikkei Shimbun reported over the weekend, amid the continuing territorial dispute with China, its largest trading partner.

The government's economic report for October, which is due to be released Friday by Japan's new Economics Minister Seiji Maehara, may point to an even grimmer economic outlook this month, weighed down by factors including a continued slowdown in major export markets like China and weaker domestic enterprise production, said the report.

Japan's economic report for September said that "the economic recovery appears to be pausing due to deceleration of the world economy," and the upcoming report is likely to say that Japan's economy is facing weaker prospects, the Nikkei Shimbun reported.

If the October assessment does cut the forecast for growth, it would mark a third consecutive cut, which has not happened in the past three years.

The Nikkei Shimbun report came amid a growing chorus of warnings from Japanese businesses over the impact of the Diaoyu Islands dispute.

Major Japanese firms in the country's pillar sectors such as autos and electronics have voiced their concerns over more difficult market prospects, given that many Chinese consumers have been boycotting Japanese goods amid the worsening territorial rift between the two countries.

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