Tokyo, July 30 -- The Japanese government has lowered its economic growth forecast for the current fiscal year to 0.9 per cent from the earlier estimate of 1.3 per cent, citing the impact of higher crude oil prices on the country's import-dependent economy, according to a report by Kyodo News.

The report said the revised projection was announced in the government's midyear economic outlook released on Thursday.

According to the report, the government said the weaker Japanese yen against the US dollar and elevated crude oil prices resulting from the conflict in the Middle East pose risks to the economy. However, it noted that wage growth and personal consumption have been supported by government subsidies for energy costs.

The Cabinet O...