The head of a Japanese business lobby said a planned sales tax hike should proce...
TOKYO - The head of a Japanese business lobby said a planned sales tax hike should proceed in October to sustain the social security system for a rapidly ageing population, despite calls from elsewhere to postpone it given growing economic challenges.
“Economic uncertainties persist even now but I don’t think they will morph into a crisis on the scale of a Lehman shock, so I want to proceed,” said Akio Mimura, head of the Japan Chamber of Commerce and Industry, which represents Japanese small and medium-sized businesses.While a tax hike could hurt growth, it would also help Japan achieve fiscal reform in the long run, which will more than offset the near-term pain, Mimura told Reuters in an interview conducted on Wednesday.
Further delays could cause confusion to many Japanese firms that have made significant preparations to overcome the shift to the 10% sales tax, Mimura added. “We are so prepared for this. You need to be ready in advance. It would be too late if you weren’t ready by now.” With inflation stubbornly subdued, the BOJ last month ditched the time frame for hitting its 2% goal, conceding that prices will fall short of the target at least until early 2022.
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