The government should swiftly implement drastic tax cuts to stimulate the nation’s sluggish economy, leaders of the nation’s big businesses and labor unions agreed Tuesday.

In a meeting between the Japan Federation of Economic Organizations (Keidanren) and the Japanese Trade Union Confederation (Rengo), the leaders of the two organizations expressed serious concern over the state of the economy and urged the government to implement economic measures, including drastic income and corporate tax cuts as well as deregulation, according to Keidanren officials.

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