Japan to revise up growth forecasts: Nikkei

[TOKYO] Japan is expected to revise up its economic growth forecasts for the current and next fiscal years, the Nikkei newspaper reported on Saturday, helping Prime Minister Shinzo Abe to make the case his stimulus policies are working.

Data released on Friday showed the world's third-largest economy grew twice as fast as originally estimated in the third quarter, thanks to a business spending splurge and buoyant exports.

In predictions to be released later this month, the Cabinet Office will revise up its growth forecast for the year beginning in April, perhaps to near 2 per cent from the current 1.4 per cent, the Nikkei said without citing sources.

The forecast for the current fiscal year will also be revised up from the current 1.5 per cent, the paper said.

The projections will serve as a basis for estimating tax revenues and compiling the state budget for next fiscal year.

REUTERS