percent: As usual, he repeated claims that economic revival and fiscal rehabilitation are his government's main mission. ; Under the initial plan, the consumption tax was to be raised to 10 percent from the current 8 percent in October 2015, but Abe has already postponed it twice to try to ensure a solid economic recovery, according to The Japan Times. The levy was originally 5 percent when the two-stage tax hike was implemented. Abe made the remark on a TV program after reshuffling his Cabinet and key posts in the Liberal Democratic Party on Thursday in a bid to restore his plunging popularity. Japan's economy is on a moderate recovery track and expanded for a fifth straight quarter in the first quarter of 2017, the longest stretch since six consecutive quarters of growth were logged from January 2005 to June 2006. I would like to steer the economy toward those two goals, Abe said, indicating he will urge the business community to use retained earnings to raise wages so it will stimulate consumption and lead to a positive cycle in the economy. He also said on the program that he intends to achieve a primary balance surplus by fiscal 2020 and reduce the ratio of public debt to nominal gross domestic product.
(news.financializer.com). As
reported in the news.
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