The International Monetary Fund (IMF) on Tuesday cut this year's economic growth forecast for Japan, but projected a rebound in 2025 on the view rising real wages will underpin consumption. The IMF's upbeat projection on consumption is line with the Bank of Japan's view that continued wage hikes will boost households' purchasing power,

The chief economist for the International Monetary Fund (IMF) told reporters on Tuesday that "the battle against inflation is almost won," amid falling inflation data. Pierre-Olivier Gourinchas said that inflation in many countries is now nearing central bank targets.

Policymakers in the U.S. and other major economies have quelled the worst inflation in four decades without tumbling into recession, the International Monetary Fund said Tuesday.