• Kyodo

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Prime Minister Shinzo Abe has reiterated his government’s plan to hike the consumption tax to 10 percent from the current 8 percent in October 2019 unless a setback such as a major financial crisis or massive earthquake occurs.

“Our basic policy is to increase the tax unless something happens on the scale of the Lehman shock,” he said Tuesday on a TV program, referring to the financial crisis triggered by the collapse of U.S. investment bank Lehman Brothers Inc. in 2008.

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