Apr 2, 2015

60% of Japanese cut spending after tax hike: BOJ survey

A Bank of Japan survey revealed Thursday that 59.8 percent of respondents tightened their purse strings after the consumption tax hike in April last year. Of them, 75.3 percent said they were still curbing spending, according to the survey, which was conducted between Feb. ...

Mar 31, 2015

Diet passes tax system revisions for fiscal 2015

The Diet on Tuesday approved legislation for tax system revisions for fiscal 2015, including postponement of the next consumption tax hike. Prime Minister Shinzo Abe announced late last year he was putting off the planned tax hike to 10 percent until April 2017, a ...

Mar 3, 2015

The government's fiscal road map

The Abe administration's forthcoming fiscal rehabilitation plan may give clues as to whether it is serious about getting the government's fiscal house in order.

Feb 18, 2015

Diet ready to take up tax reform legislation for fiscal 2015

Tax reform legislation for fiscal 2015 that would cut the corporate tax rate and formalize the delay in hiking the consumption tax has made it to the Diet, with the Abe administration looking for quick approval. The Cabinet approved the proposed legislation Tuesday. It ...

Feb 17, 2015

Household spending logs biggest drop in eight years

Household spending in 2014 declined at its fastest pace in eight years, official data showed Tuesday, underscoring the impact of the first consumption tax hike in nearly two decades. The figures come a day after the government said the economy limped out of recession ...

Jan 21, 2015

Keidanren to back pay-scale hikes for second straight year

The nation’s leading association of business leaders said Tuesday it will support pay-scale hikes by member companies in the upcoming annual wage talks, adopting the policy for the second straight year. But the Japan Business Federation, better known as Keidanren, showed reluctance to accept ...

Jan 15, 2015

Wholesale prices rose for second consecutive year in 2014

Wholesale prices grew for the second straight year in 2014 on higher energy and raw material costs, but the pace slowed significantly in December amid the sharp fall in crude oil prices, the Bank of Japan said Thursday in a preliminary report. The central ...

Jan 13, 2015

Tax hike may have lowered private spending by ¥1 trillion

Last April’s consumption tax hike is estimated to have pushed down private spending by nearly ¥1 trillion for the six months through September, the Cabinet Office said in an annual economic report released Tuesday. The downturn in private spending, which accounts for more than ...

Jan 9, 2015

Economy likely to log 0.5% contraction in real terms

In a reversal, the government now expects the economy to shrink around 0.5 percent in real terms for fiscal 2014, downgrading its July forecast of 1.2 percent growth, sources said Friday. If Japan worsens as projected, its inflation-adjusted gross domestic product will shrink for ...