Around 67 percent of 111 leading companies believe the planned sales tax hike next April is necessary to help restore Japan's fiscal health, a survey showed Saturday.
Of the 74 companies in favor of increasing the levy, 35 said the hike should be implemented "if the economy keeps recovering" and another 27 backed the plan "under the current economic situation." Twelve said they support the move "regardless of the economic situation."
Legislation enacted in August 2012 under the previous Democratic Party of Japan-led government provides for raising the 5 percent consumption tax to 8 percent in April 2014 and to 10 percent in October 2015.