Tax cuts for the next fiscal year should not top 1.5 trillion yen, Finance Minister Masajuro Shiokawa said Tuesday, citing the country's tight fiscal conditions.
In a regular news conference, Shiokawa reiterated that the tax cuts for fiscal 2003 should total around 1.5 trillion yen, the same figure he has maintained since summer.
"Taking into account the current fiscal conditions and the evaluation of and trust in the Japanese economy by other countries, we should be cautious when considering the issue," Shiokawa said.