Japanese Prime Minister Shinzo Abe will likely proceed with a scheduled sales ta...
TOKYO - Japanese Prime Minister Shinzo Abe will likely proceed with a scheduled sales tax hike in October even though slowing global demand and soft wage growth could weigh on the economy, one of the architects of the premier’s stimulus policies said.
“It was a mistake,” Yamamoto said of the BOJ’s decision in 2016 to change its policy target to interest rates instead of the pace of money printing, adding that rate cuts are not as effective a tool as large-scale asset purchases. “The prime minister told me while I may be theoretically right, it was politically difficult” to put off the hike, Yamamoto said. Asked whether he believes this remains Abe’s thinking, the legislator said: “I think so.”The government should increase spending if the tax hike hurts the economy too much, Yamamoto said.
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