The chairman of the Japan External Trade Organization said Wednesday that his group projects Japan's gross domestic product to grow by more than 1.5 percent in fiscal 2000, eclipsing the government's forecast of 1 percent.
Noboru Hatakeyama also said Japan's imports from East Asia have been increasing, although Japan's direct investments in countries in the region, except for South Korea, have declined.
After a luncheon in Hong Kong organized by the Hong Kong General Chamber of Commerce, Hatakeyama told reporters that Japan's GDP could eclipse the government forecast because of strong gains in industrial production.
Industrial production, which contributes about 30 percent to Japan's GDP, is forecast to rise 8.6 percent year-on-year in the second quarter of calendar 2000, following a 6.5 percent increase posted in the first quarter.