Japan’s partners in the Group of Seven on the whole accepted Tokyo’s plans to implement a 16 trillion yen economic stimulus package later this month, Finance Minister Hikaru Matsunaga said Friday.
Speaking before the Upper House Budget Committee, Matsunaga provided a report on the G-7 meeting of finance ministers and central bankers held earlier in the week. “I believe I was able to secure the understanding of most” of the participants at the G-7 talks regarding Japan’s intent to boost domestic demand with a record 16 trillion yen pump-priming plan, Matsunaga said.
Some G-7 members called on Tokyo to cut income taxes on a permanent rather than temporary basis, but Matsunaga said he explained that the issue involves lowering the maximum tax rate, which would be difficult at the moment. “Discussions on reviewing the tax structure itself should be conducted over one or two years,” Matsunaga said.
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