Think tanks revise FY 2004 GDP growth forecasts upward.

Japan Weekly Monitor, August, 2004

TOKYO, Aug. 18 Kyodo

Three private economic research institutes revised upward their forecasts of Japan's economic growth for fiscal 2004 through next March, citing the strong recovery in the corporate sector.

Financial & Economic Research Center of Nomura Securities Co., NLI Research Institute and Daiwa Institute of Research revised their reports after the release last Friday of Japan's gross domestic product data for the April-June quarter.

The government announced that Japan's GDP grew only 0.4 percent in real terms in the three-month period from the previous quarter, or an annualized 1.7 percent, but the three institutions expect stronger growth in the July-September quarter based on projected increases in corporate spending.

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