The Asian Development Bank on Friday lowered its projection for Japan's economic growth this year to 1.7 percent from the 2.3 percent it forecast in October, citing bilateral tensions with China as one of the factors.
"Going forward, zero growth is projected in the fourth quarter, partly due to the impact on Japan's exports of recent tensions with the PRC," the Manila-based bank said in its "Asian Development Outlook Supplement," referring to China's official name, the People's Republic of China.
"This implies annual growth of only 1.7 percent for 2012," the ADB said, adding, "this weakness is forecast to continue through 2013, with the economy expanding by an anemic 1.6 percent."