Business leaders welcomed Prime Minister Ryutaro Hashimoto’s announcement to implement 2 trillion yen in additional tax cuts this year, but reiterated that the government should change the taxation system to implement the cuts permanently.

“We hope that income tax cuts of 4 trillion yen and corporate tax cuts of 3 trillion yen will be permanent under the tax reform and that the government will establish bright prospects for Japanese people by doing so,” said Shoichiro Toyoda, chairman of the Japan Federation of Economic Organizations (Keidanren).

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