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Finance Minister Hikaru Matsunaga took a cautious stance April 7 toward the use of large-scale income tax cuts as an economic stimulus measure, noting that personal spending is falling even though disposable income is not declining.

“Tax cuts work on the principle that an increase in income will be channeled toward consumption, but at the moment figures show that disposable income is growing slightly. We need to develop ideas that will be effective under these circumstances,” he told a news conference.

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