The International Monetary Fund has revised downward its projection for Japan's economic growth this year to 1.3 percent, down 0.5 percentage points from the previous forecast in January.

In its latest economic outlook by country or region, the IMF said private investment fell in Japan from October to December due to a sharp depreciation of the yen against the dollar, and that the impact will continue this year.

It said that although prices are rising in Japan, they are at very low levels in global terms, and that continued monetary easing will be needed.

The IMF upgraded the growth projection for the United States by 0.2 points to 1.6 percent. It revised upward the forecast for the euro area by 0.1 point to 0.8 percent.

The IMF projects growth in 90 percent of advanced nations will slow this year, and that unemployment rates in these economies will rise by 0.5 points on average in the three years through 2024.

The projection for China's growth remains unchanged at 5.2 percent, as the country is rapidly resuming economic activities after ending its zero-COVID policy.

India is anticipated to maintain a high growth rate of 5.9 percent in fiscal 2023.