Big firms in Japan expect economy to grow in 2022

A survey showed that the majority of big companies in Japan are expecting the country’s economy to grow in 2022. Of the 106 companies surveyed, including Toyota Motor, SoftBank Group, ANA Holdings, Seven & i Holdings, Nintendo, and Panasonic, 84 expect growth to be moderate in the year ahead, while five see a more solid expansion and 13 firms predicted the economy will be flat citing rising material costs, sluggish consumer spending, and increasing COVID-19 infections were the major reasons. The number of new COVID-19 cases has stayed low in Japan following the fifth wave on the back of progress in vaccinations. But community transmissions of the Omicron strain have been reported in some areas, raising fears over another surge in infections.