Japan revises downward growth for FY2016

Japan has revised downward its economic growth forecast for this fiscal year, which ends next March, citing weakness in consumer spending. 
Officials at the Cabinet Office have released a new projection of around 0.9% growth in real terms for fiscal 2016. In January, the officials had made a projection of 1.7%. 
The officials say that personal spending lacks strength, and that the government decision to delay a planned consumption tax hike has erased expectations for an increase in consumer spending before the tax hike, according to Japan's (NHK WORLD) radio. 
They also say that uncertainty is spreading over the global economy due to economic slowdowns in emerging economies and Britain's decision to leave the European Union. 
The Cabinet Office has also set growth projection for fiscal 2017 at 1.2% in real terms, which is lower than the government target of 2%. 
The officials are expected to report their economic forecasts at a meeting of the government's Council on Economic and Fiscal Policy on Wednesday. 
They say they expect the country's growth rate will be boosted by new economic stimulus measures due to be drawn up by the end of this month.