Prime Minister Shinzo Abe's government pledged Wednesday to hammer out concrete tax reforms by fall in an attempt to bolster business investment, after its growth strategy unveiled last week failed to meet market expectations, driving down stock prices.
The final draft of the strategy, presented at a meeting of the Industrial Competitiveness Council, stipulated the Abe administration will "boldly support companies eager to bravely take on a challenge" through "drastic tax cuts for investment."
The tax breaks would target efforts by firms to replace old facilities with efficient and state-of-the-art ones, said the draft of the strategy that the Cabinet plans to endorse Friday, adding they would be also designed to prompt the exploitation of new markets.