TOKYO - Japan’s gross domestic product likely grew at a slower rate than initially estimated in further signs the Sino-U.S. trade war is hurting manufacturing investment in the world’s third largest economy.A Reuters poll of 18 analysts predict Japan’s GDP grew at an annualized 1.3% in April-June, slower than the preliminary reading of 1.8%, reflecting slowdown in capital expenditure.
“Japan’s economic growth will remain slow from now on as output lacks strength,” said Kentaro Arita, senior economist at Mizuho Research Institute. “Capital expenditure will slow due to rising pressure to adjust output. Stagnant production and curbs on overtime will also weigh on wages and consumption.”
A slowdown in capex could cast doubts over policymakers’ central view that solid domestic demand would offset the blow from trade frictions and a global slowdown.
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