Why do people doubt about the pickup of Japan’s economy?

World oil demand is slowing down, led by weaker economic growth in the U.S. and China, the International Energy Agency said Wednesday. While the agency didn’t say high oil prices are damping demand, weaker economic growth is projected in the world’s leading economies, as the U.S. and China lose steam from earlier strength this year and Japan’s rebound is cast in doubt as investors worry about inflationary pressures caused by the high cost of energy.
    For the first time in more than half a year of constant upward revisions, the IEA, advisor to the world’s biggest economies, didn’t change its forecasts for how much more oil the world will need.
    But it did increase its estimated overall demand by 750,000 barrels a day, reflecting changes to historical data stretching back 10 years. That left world oil demand in 2004 at 82.2 million b/d, up 2.53 million b/d on the year. Growth will moderate in 2005 to 2.2%, or 1.8 million b/d, at 84 million b/d.
    A global slowdown is beginning to affect oil demand, according to IEA figures.
    Government efforts to cool down China’s overheating economy will cut oil demand growth more than half from 24.6% in the second quarter to 9% in the third, the IEA said. But uncertainty remains about the future in China where restrictions on trucking and economic growth could push down demand, while extra refining capacity could boost it.