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Report: Japan lifts GDP growth forecast; CPI still below 2% target

Japan upgraded its growth forecast to 1.9% for the current fiscal year, and to 1.8% for the next, as domestic demand continued to improve, Reuters reported, citing the Cabinet Office.

The GDP growth forecasts were upwardly revised from previous estimates of 1.5% for the current fiscal year, and 1.4% for the next.

The Cabinet Office said consumer inflation is estimated at 0.7% for the current fiscal year, and 1.1% for the next. Both estimates are still below the central bank's 2% inflation target, the report said.

Japan's core consumer prices increased by an annual 0.8% in October, while its economy grew 2.5% on an annualized basis in the third quarter.

The Cabinet Office expects nominal economic growth to hit 2.0% for the current fiscal year, and 2.5% for the next, which could generate higher tax revenue, said the report.

The government's growth estimates, which were higher than those by the Bank of Japan, will be used to estimate tax revenue and compile next year's budget draft. The draft is expected to be endorsed by the cabinet Dec. 22.