Japan's Abe: Must avoid hurting recovery with sales tax rise
[TOKYO] Japanese Prime Minister Shinzo Abe said on Friday the government must avoid derailing an economic recovery when deciding whether to proceed with a sales tax increase next year.
"We have no plan to abandon our goal of restoring Japan's finances. But in order to achieve fiscal reform, we need to get the economy growing and end deflation," Mr Abe said in a television programme.
Mr Abe said there was no change to his plan of deciding by the end of this year whether to raise the sales tax to 10 per cent from 8 per cent in October 2015. The levy was raised to 8 per cent from 5 per cent in April this year.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
US expects to finalise new Aukus trade exemptions in next 120 days
IMF concerned about debt, fiscal challenges facing low-income countries
Bank of Japan’s Ueda says ‘very likely’ to hike rates if inflation keeps rising
Colombian fund managers eye US$750 million fee bonanza after senators tweak pension bill
Fed survey cites inflation, US election as key financial stability risks
Oil prices steady after Iran plays down reported Israeli attack