Tuesday, 8th October 2013
In Business In Japan,
Abe celebrates emergence from economic stagnation
Japanese prime minister Shinzo Abe has declared that the country has emerged from the crossroads of economic stagnation, thanks to his deep reforms that have included dramatically inflating the yen and raising consumption tax.
In a speech directed to Asia's top corporate executives during a summit, Abe claimed that years of ineffective public spending and poor economic growth are now behind the country, with the unveiling of a brand new five trillion yen spending package designed to soften tax increases.
The Japanese leader also pointed out that his consumption tax rate hike will help dramatically reduce the country's huge tax debt when it comes into effect on April 1st next year.
"It is my belief that it is possible to revive the economy and restore the soundness of public finances in a compatible way," Abe announced, adding that "there is no other path forward" for the economy.
Written by Mark Smith
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