Japan's top government officials vowed on Friday to stick to a planned sale...
TOKYO - Japan’s top government officials vowed on Friday to stick to a planned sales tax hike in October, barring a big economic shock, putting an end to speculation that it could be delayed again.
His comments fueled concerns about a further delay in Japan’s efforts to finance its bulging social security costs. The country has to support a fast-ageing population and constrain growing public debt - more than twice the size of its economy and the industrial world’s biggest. Chief Cabinet Secretary Yoshihide Suga also said the government would proceed with the tax hike unless a big incident such as the shock collapse of Lehman Brothers in 2008.
Akio Mimura, head of the Japan Chamber of Commerce and Industry, said Hagiuda’s remark was “unbelievable”. Since then Abe has delayed the planned hike twice as he prioritized economic growth over fiscal reforms. To safeguard the fragile economy, the government has already planned to spend 2 trillion yen on measures to offset the blow to consumers from a 10 percent sales tax.
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