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In historic step, Japan PM hikes tax

Oct 02 2013, 13:03 IST
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Japan’s Prime Minister Shinzo Abe took a step on Tuesday that none of his predecessors had managed in more than 15 years. Reuters Japan’s Prime Minister Shinzo Abe took a step on Tuesday that none of his predecessors had managed in more than 15 years. Reuters
SummaryAbe said the government will raise the national sales tax to 8 per cent in April from 5 per cent.

Japan’s Prime Minister Shinzo Abe took a step on Tuesday that none of his predecessors had managed in more than 15 years — making a dent in the government’s runaway debt.

Abe, whose economic policies have begun to stir the world’s third-biggest economy out of years of lethargy, said the government will raise the national sales tax to 8 per cent in April from 5 per cent.

But at the same time he will soften the blow to the nascent recovery. As the tax increase is set to raise an additional 8 trillion yen a year, Abe will also announce a stimulus package worth 5 trillion yen.

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