New government data shows a surge in tax revenue in fiscal 2017, to ¥58.7 trillion, the result of strong economic growth. Yet with tax rises on the horizon, increased revenues could be under threat as history has shown that tax hauls are especially vulnerable to economic conditions, a fact that makes some experts wary.

The Finance Ministry on Wednesday announced that revenue in that fiscal year was at its highest level since fiscal 1991 and the third highest level on record, thanks to economic growth and record corporate profits.

"Due to strong economic growth in the world economy and high stock prices, under current economic conditions, revenue could finally reach ¥60 trillion once again," said Akihiko Noda, a senior researcher at Mizuho Research Ltd.