Japan lowers growth forecast

The Bank of Japan has revised down its growth estimate for this year on the back of flagging business fixed investment and poor private consumption figures.

The central bank said that the majority of its monetary policy board members now expected growth of 1.2%. Members had in April expected growth to hit 1.5%, down from an earlier estimate of 2.1%.

"Compared with the projections presented in the April Outlook for Economic Activity and Prices, growth prospects have shifted somewhat lower," the