Oct 21, 2014

Abe to gather expert opinions on next sales tax hike

The government will hold a string of meetings with experts in November to discuss the possible effects of raising the consumption tax to 10 percent in October 2015. Prime Minister Shinzo Abe will use opinions gathered in these meetings as a reference for making ...

Bad weather may have slashed economic growth in July-September

Oct 2, 2014

Bad weather may have slashed economic growth in July-September

Bad weather this summer, including successive typhoons, may have pushed economic growth down by 0.8 percentage point to 2.4 points in annualized real terms in the July-September quarter, the government said. The estimate, presented Wednesday by the Cabinet Office to a meeting of the ...

Oct 2, 2014

Tax rate variations eyed to help aged, poor

The decision on whether to complete the doubling of the consumption tax to 10 percent in October 2015 will test how serious the government is about putting the social security system on a sounder footing as the country’s population ages. With the revenue from ...

Jul 22, 2014

Fiscal '14 growth forecast cut to 1.2%

The government on Tuesday cut its forecast for economic growth in fiscal 2014 to 1.2 percent from 1.4 percent in real terms amid lingering fears that the April 1 consumption tax hike — the first in 17 years — may continue to weigh on ...

Apr 16, 2014

Big biz keen to skirt tax hike

The government has hired around 600 special investigators to prevent big businesses from passing the latest consumption tax increase on to their suppliers and contractors, but many small businesses are facing increasingly subtle billing and payment schemes from clients. In Tokyo’s Ota Ward, home ...

Apr 11, 2014

Sales plunge as consumers shun luxury goods after tax increase

Japanese consumers are keeping their wallets firmly closed after the first sales tax hike in 17 years, with luxury items and appliances suffering and one major department store reporting a 25 percent drop in sales. The precipitous plunge comes after millions of shoppers made ...

Stores looking to tourists for big sales

Mar 25, 2014

Stores looking to tourists for big sales

Many major department stores are zeroing in on foreign tourists and other visitors exempt from paying the consumption tax if they spend over a certain amount, anticipating that sales of luxury items will plunge following the sales tax hike next Tuesday. Department stores have ...