Prime Minister Kishida Vows to Cut Taxes to Households and Businesses, in a Bid to Raise Japan Out of Economic Stagnation
Land of the Rising Sun expected to lower taxes.
Asian Powerhouse Japan is experiencing persistent inflation, partly fuelled by rising costs of raw materials.
Inflation rates have remained above the central bank’s target of 2% for over a year, and it’s weighing down on citizens purchase power and consumption levels.
Now, incumbent government means to compensate households for the rising cost of living.
By signaling with subsidies and payouts, Prime Minister Fumio Kishida is stressing his government’s resolve to pull the economy permanently out of stagnation.
Kishida is preparing to take ‘bold economic measures’, including an income tax cut for households hit by inflation, and tax breaks for companies to promote investment.
