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Prime Minister Shinzo Abe pledged to follow through with a corporate tax cut, a day after government data underscored businesses’ reluctance to ramp up domestic investment.

In a message read out at a Bank of America Merrill Lynch event in Tokyo on Wednesday, Abe said he would lower the effective corporate tax rate of about 35 percent by at least 3.3 percentage points next year and will “aim to go beyond that if possible.”

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