World Economy

No Tax Hike

No Tax HikeNo Tax Hike

Japanese Prime Minister Shinzo Abe said on Monday there was no change to the government’s plan to raise the sales tax next year barring a financial crisis like the one triggered by the collapse of Lehman Brothers or a major natural disaster, Reuters reported. He did not elaborate, including whether the deadly earthquakes that have struck the southern island of Kyushu since last week would qualify as a major disaster that would prompt the government to reconsider the tax hike. The tremors have caused at least 42 deaths and disrupted production at major manufacturers including Toyota Motor Corp and Sony Corp.