Finance Minister Taro Aso pledged Monday to ensure that an upcoming tax hike does not hurt the Japanese economy by causing household spending to plummet. "We will use every policy tool at our disposal to make sure that the economy remains on a recovery track," Aso said in
Finance Minister Taro Aso pledged Monday to ensure that an upcoming tax hike does not hurt the Japanese economy by causing household spending to plummet.
„We will use every policy tool at our disposal to make sure that the economy remains on a recovery track,“ Aso said in a speech on the first day of this year’s ordinary Diet session.
He asked his fellow lawmakers for swift passage of the proposed state budget for fiscal 2019, which features a 2 trillion yen ($18 billion) stimulus package to underpin demand after the consumption tax is raised from the current 8 percent to 10 percent on Oct 1.
The measures include a rebate program meant to encourage consumers to shop at small businesses using cashless payment methods such as credit cards as well as using shopping vouchers made available to households with small children or low incomes.
