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Japan lifts GDP growth forecast for fiscal 2020

The Japanese government lifted its economic outlook for the next fiscal year amid an expected boost from a recently approved stimulus package.

The Japanese economy is forecast to grow 1.4% in the fiscal year starting April 2020, higher than the 1.2% growth rate projected last July, the Cabinet Office said.

The Cabinet maintained its GDP growth projection of 0.9% for the current fiscal year ending March 2020.

The government approved a stimulus package totaling about ¥26 trillion earlier this month in a bid to bolster the economy amid the effects of natural disasters, falling exports and the recent increase in the consumption tax.