---
title: "SMBC Nikko lifts Japan FY2026 real GDP growth view to 0.8% on lower crude oil imports"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/296453375.md"
description: "SMBC Nikko upgraded Japan's FY2026 real GDP growth forecast to 0.8%, citing lower crude oil import costs. Nominal GDP is projected at 2.8% for FY2026 and 3% for FY2027. The bank revised the BOJ rate hike path to three increases by mid-2027, with a peak policy rate of 1.75%. Recent data showed QoQ annualized growth of 1.1% in Apr-Jun 2026, driven by reduced imports despite falling private consumption and capex due to inflation."
datetime: "2026-08-20T07:54:39.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/296453375.md)
  - [en](https://longbridge.com/en/news/296453375.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/296453375.md)
generator: "portal-rs"
---

# SMBC Nikko lifts Japan FY2026 real GDP growth view to 0.8% on lower crude oil imports

-   Sumitomo Mitsui Financial Group published a Japan economic outlook, lifting real GDP growth forecasts to 0.8% in FY2026 and 1.1% in FY2027. \* Nominal GDP seen rising 2.8% in FY2026, 3% in FY2027; FY2026 upgrade reflects lower crude oil import costs. \* Apr-Jun 2026 real GDP grew 1.1% QoQ annualized, undershooting the 2% consensus; lower imports drove growth. \* Private consumption, capex fell quarter-on-quarter as inflation rose on higher crude prices, yen weakness. \* BOJ path revised to three hikes in Sep 2026, Jan 2027, Jun 2027; policy rate projected to peak at 1.75%. Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Sumitomo Mitsui Financial Group Inc. published the original content used to generate this news brief on August 20, 2026, and is solely responsible for the information contained therein. © Copyright 2026 - Public Technologies (PUBT) Original Document: here

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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**