The International Monetary Fund said Monday that Japan's economy is expected to grow 0.8 percent this year, up 0.2 percentage point from its estimate in October, mostly on account of a stronger-than-expected performance during the latter part of last year.

The IMF also raised upward its forecast for U.S. economic growth by 0.1 point to 2.3 percent in 2017 and 0.4 point to 2.5 percent in 2018 due to fiscal stimulus expected to be launched by the incoming administration of Donald Trump.

Trump, a Republican businessman who will take office Friday, has vowed to stimulate the U.S. economy with tax cuts, deregulation and increased spending on infrastructure.