Japan cuts this year's growth outlook as higher energy costs weigh

TOKYO, July 30 : Japan's government cut its economic growth forecast for the current fiscal year on Thursday, as higher oil prices linked to Middle East tensions squeeze household spending and corporate profits.In its mid-year estimates, the Cabinet Office projected inflation-adjusted gross domestic product (GDP) growth of 0.9 per cent for the fiscal year ending March 2027, down from a 1.3 per cent expansion projected in January.However, growth is forecast to accelerate to 1.1 per cent in the following fiscal year on the back of strong capital expenditures and private consumption, according to the Cabinet Office.The weaker outlook for this fiscal year highlights the strain rising energy costs are placing on an economy heavily dependent on imported fuel. Private consumption is now expected