30 May '11, 7am

#Japan PM moves toward tax rise: media - Straits Times

#Japan PM moves toward tax rise: media - Straits Times

Japan's Prime Minister Naoto Kan speaks during a news conference at his official residence in Tokyo April 1, 2011. -- PHOTO: REUTERS TOKYO - JAPAN'S centre-left premier is taking steps toward a consumption tax hike, a report said on Monday, days after the central bank chief warned of the government's 'very serious' fiscal state. Prime Minister Naoto Kan plans to set up a body that would propose by mid-June a doubling of the tax to 10 per cent by 2015, in a bid to cut Japan's sovereign debt, the Yomiuri Shimbun daily said. The Yomiuri said Mr Kan would head the so-called Core Member Council which would include 16 senior officials of his Democratic Party of Japan. Japan's public debt stands at more than twice the size of its US$5 trillion (S$6.16 trillion) economy, the highest in the industrialised world, which has led major ratings agencies to lower their sovereign debt out...

Full article: http://www.straitstimes.com/BreakingNews/Asia/Story/STISt...

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