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IMF cuts Japan growth forecasts, warns over deflation
[HONG KONG] The International Monetary Fund Tuesday cut its growth forecast for Japan, saying the economy would shrink next year as a sales tax rise dents consumer spending, while it warned over a return to deflation.
The world's number three economy will expand 0.5 per cent this year and then contract 0.1 per cent in 2017, the Washington-based IMF said, reversing an earlier forecast for a 1.0 per cent and 0.3 per cent expansion respectively.