Moody's cites that Korea's boycott movement against Japanese goods and services may dent sales. But it saw trade in intermediate goods – including those covered by the export curbs and also more correlated to the global economic downturn – as “posing a larger threat to the Japanese economy.” Amid the trade dispute with Japan, South Korean consumer sentiment fall to 31-month low in August. According to data from Bank of Korea, the composite consumer sentiment index down 3.4 points to 92.5 from 95.9 in July. It is the lowest level since January 2017, a month after then-president Park Geun-hye was impeached. The July consumer sentiment index also down to 95.9, 1.6 points lower than in June, where it stood at 97.5. The World Trade Organization (WTO) in October 2019, cuts the forecast of volume of merchandise trade growth to 1.2% in 2019 and 2.7% in 2020, down from previous forecasted of 2.6% and 3% respectively. WTO cites this trade dispute, along with the China–U.S trade war, Brexit, and others, pose "the biggest downside risk to the forecast". The International Monetary Fund (IMF) downgraded the economic forecast for many Asian economies because deterioration of relationship between South Korea and Japan. Asian economy could grow 5% in 2019 and 5.1% in 2020. South Korean economic growth could fall to 2% in 2019 and 2.2% in 2020. Boycotts of Japanese products and services in South Korea have affected Japanese brands and tourism to Japan. On 29 July 2019, a Korean credit card company reported that credit card sales from Muji fell by 33.4%, ABC Mart sales fell by 11.4% and DHC Corporation fell by 55.3%. Similarly, credit card spending from South Koreans in Japan have also declined. One of companies hardest-hit by boycott was Fast Retailing, companies that own Uniqlo. Uniqlo sales dropped by 40% and the company announced it close its Jongno 3-ga store in central Seoul. Analyst such as Peter Boardman warns that despite Fast Retailing post record profits, but the company could see many uncertainty because sales in South Korea account for 8% of Uniqlo sales worldwide. Many Japanese automakers suffering steep fall in July and August. On 4 September, according to data from Korea Automobile Importers & Distributors Association (KAIDA), the combined sales of Japanese cars stood at 1,398 units in August, more than halving from a year earlier.