Japanese firms are not so bullish on global growth


Reuters with a survey of business in Japan (Reuters Corporate Survey), highlights:

55% of Japanese firms see 2019 economic growth unchanged from this year

  • 31% see it undershoot 2018
  • 14% say it will accelerate

51% of the firms surveyed expect
2019 global growth to be lower than the IMF’s 2018 GDP forecast

  • 39% see it steady
  • 10% say it will accelerate

77% of Japan firms welcome
govt legislation to accept more foreign workers, 23% oppose 

And, a comment on the upcoming sales tax hike (October 2019 is the schedule for this)this):

  • “There’s no doubt the sales tax increase will put a damper on private consumption,” a manager of a manufacturing company wrote in the survey. “We’re very concerned.”

Those who remember the last sales tax hike will be wary indeed. The octo October tax hike is another reason to watch for continued accommodative policy from the BOJ.

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