Japan's economy will grow this quarter at a much slower pace than previously expected as a resurgence in coronavirus infections is hurting the momentum for a recovery, a Reuters poll found
But analysts forecast growth to speed up toward the year-end as hopes of a spending pickup amid a widening vaccine rollout will allow the economy to shake off the pandemic drag.
"A delay in the recovery of private consumption, especially centred on the service industry, poses a downside risk to the economy," said Barclays Securities economist Kazuma Maeda.an annualised 3.9% in the first quarter and its recovery has lagged other advanced nations as a late vaccine rollout and lacklustre spending on services undermined the momentum.
The median poll forecast showed economic growth would accelerate to an annualised 5.4% in October-December and come in at 3.2% in the first three months of the next year, up from 4.6% and 2.7%, respectively, projected last month. Respondents were unanimous in saying the Bank of Japan would hold its short-term interest rate target at -0.1% and the 10-year bond yield target around 0% at its policy meeting on September 21-22.
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