Forecast for the Japanese Economy in Fiscal 2014 and 2015: August 2014

Even if Improvement in the Economy Continues, the Pace Will Be Slow

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1. Outlook for the Japanese Economy in Fiscal 2014 and Fiscal 2015 – Even if Improvement in the Economy Continues, the Pace Will Be Slow

(1)Current State of the Economy: Severe Conditions following the Consumption Tax Rate Hike
(2)A Recession Can Be Avoided, but the Risk of a Downturn Is Growing
(3)Outlook for Fiscal 2014 and Fiscal 2015: Recovery to Be Restrained to a Moderate Pace

2. Forecasts of Economic Activity by Sector

(1)Corporations
(2)Households
(3)Government
(4)Trends in Overseas Economies

3. Forecasts for Prices and Financial Markets