A harder target for Abe's third arrow

The Japanese prime minister's plans to encourage deregulation, productivity and greater competitiveness will face significant obstacles from corporations and consumers.

Japanese Prime Minister Shinzo Abe has embarked on one of the most contentious stages of his economic growth strategy plan, popularly termed ‘Abenomics’. His government confirmed it will press ahead with raising the consumption tax, from 5 per cent to 8 per cent next April, with a further increase planned to 10 per cent in October 2015. The national sales tax was last increased from 3 per cent in 1997.

This tax hike comprises part of a wide-ranging structural and regulatory reform plan, the third of the ‘three arrows’ of Abenomics.

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