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The impact of the Oct. 1 consumption tax hike from the current 8 percent to 10 percent will be limited as mitigating measures are already in place, according to the chief economist at the Daiwa Institute of Research.

“The economy is highly likely to be supported as countermeasures are fully prepared for low-income households and elderly people, who shouldered a heavy burden and slashed their consumption in the previous consumption tax rises,” said Chief Economist Mitsumaru Kumagai in a recent interview.

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