Over 80% of major companies in Japan expect the country's economy to expand in the next one year, supported by a recovery in personal consumption following the removal of COVID-19 restrictions, a Kyodo News survey showed.
In the survey of 114 companies, including Toyota Motor and the Uniqlo clothing chain operator Fast Retailing, 82% said they project economic expansion, up from 55% the previous summer, when firms were concerned over price surges.
The results showed optimism over the economy even as firms grapple with rising material and energy costs, with 94% of those forecasting an expansion citing recovery of consumer spending as one of the main drivers.