Tokyo Gov. Shintaro Ishihara’s surprise proposal to impose a 3 percent tax on gross profits of large banks in the metropolis drew a flurry of protest from the nation’s financial institutions Tuesday.
“The plan is at odds with national policy,” Michio Ochi, chairman of the Financial Reconstruction Commission, said in a news conference. “A local government is attacking financial institutions for the sake of revenue at a time when public funds are being used to bolster financial institutions and rebuild Japan’s economy.”

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