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Wednesday, 3rd March 2010
In General Japan News,

Japanese minister lends support to Robin Hood tax

A finance scheme which could see a tax placed on international banking transactions has been backed by the Japanese foreign minister Katsuya Okada.

Dubbed the Robin Hood tax, the idea would see an average of 0.5 per cent taken from speculative banking transactions, which those behind the plan claim could raise billions every year - money which could be spent on health services, education and other sectors.

So far, several big political names have spoken out in favour of the idea - including German chancellor Angela Merkhel and president of France Nicholas Sarkozy.

Now, Okada - widely tipped to be in line to take the next Japanese prime minister position - has said the idea could be "the way forward".

"Already some countries have been imposing taxes on international aviation. I believe that there we need to think more seriously about taxing international transactions," he said.

The idea of the Robin Hood tax has also gained a large fan base on social networking site Facebook.

Written by Mark Smith.