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The International Monetary Fund may upgrade its growth forecast for Japan, although the nation must start fiscal and structural reforms in 2014, IMF First Deputy Managing Director David Lipton was cited as saying in an interview in the Financial Times.

The IMF’s economic growth forecast of 1.2 percent next year will probably rise because of extra stimulus measures, the FT said, citing Lipton. The government expects gross domestic product to increase 1.4 percent, according to budget documents released Dec. 22. Prime Minister Shinzo Abe took office in December 2012 pledging a three-pronged, or a so-called three-arrow, strategy of aggressive monetary easing, fiscal stimulus and deregulation to end 15 years of deflation.

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