The nation’s business leaders welcomed Prime Minister Ryutaro Hashimoto’s surprise announcement of 2 trillion yen in income tax cuts as a timely measure that will stimulate the nation’s sagging economy.

“We hope the income tax cuts, along with the corporate tax reduction and the financial stabilization measures, will encourage consumers’ sentiment and that these measures will lead to the recovery of the nation’s economy and stock market,” said Shoichiro Toyoda, chairman of the Japan Federation of Economic Organizations (Keidanren).

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