Aso vows to improve 'extremely severe' public finances

Feb 12, 2015

Aso vows to improve 'extremely severe' public finances

The state of Japan’s public finances is “extremely severe,” Finance Minister Taro Aso said on Thursday, vowing to do whatever is needed to boost revenues and cut expenditures to restore the country’s fiscal health. Aso, who is also deputy prime minister, said Tokyo will ...

Feb 12, 2015

Japan to miss 2020 fiscal reform goal: Cabinet

Japan is set to miss its key fiscal rehabilitation goal in fiscal 2020, even if the doubling of the consumption tax is completed and the economy is on a solid recovery track, an estimate released by the Cabinet Office said Thursday. Prime Minister Shinzo ...

Abe vows to 'steadily achieve' fiscal reform goal in fiscal 2015

Dec 23, 2014

Abe vows to 'steadily achieve' fiscal reform goal in fiscal 2015

Prime Minister Shinzo Abe said his administration will “make every effort to steadily achieve” its fiscal rehabilitation goal in fiscal 2015, while promising to streamline public spending. Abe’s remarks came during a meeting Monday of the Council on Economic and Fiscal Policy, where the ...

Jul 31, 2014

IMF's Japan report sees yen at fair value but warns on reforms

The International Monetary Fund said in a report released Thursday that the yen is currently at fair values against the other major currencies. The yen is assessed “as broadly consistent with medium-term fundamentals,” the Washington-based lender said in its annual assessment of the Japanese ...

Jun 27, 2014

Tax small firms more to offset corporate rate cut, panel says

The Tax Commission says small and midsize firms should pay more taxes to offset the loss in revenue from Prime Minister Shinzo Abe’s promised corporate tax cut, it said in its reform plan Friday. Analysts said that will no doubt draw fire for giving ...

Abe vows to trim ¥17 trillion; details few

Aug 8, 2013

Abe vows to trim ¥17 trillion; details few

The Abe administration approves a medium-term fiscal reform plan, pledging to narrow the budget deficit by ¥17 trillion over the next two years but offering no specifics on how to improve public finances.

Aug 2, 2013

Public debt situation worries IMF

The International Monetary Fund expressed concern Thursday about the fiscal situation in Japan, where public debt keeps soaring. Simulations by the IMF “suggest that global output losses could reach 2 percent of GDP” if Japan is “exposed to a reconsideration of sovereign risk by ...

Jun 25, 2013

BIS: Reform more, rely less on monetary easing card

The Bank for International Settlements has called on advanced economies, including Japan, the United States and the European Union, to promote fiscal and economic structural reforms and labor market overhauls, instead of further depending on aggressive monetary easing. “The phrase ‘whatever it takes’ has ...