Japanese Prime Minister has confirmed on 4 October 2013 that, the Government is to provide a fiscal stimulus package to counteract the declining effects of a 3 percent consumption tax rate rise due next year. He also disclosed on 1st October that, his finding to proceed with the first stage of two-stage hike to Japan’s consumption tax rate, starting with the increase from 5 % to 8 % in April 2014. A further increase to 10 % is planned but not yet decided for later in 2015.
However, it is expected the package needs to legislative consent to be finalized before the end of this year.
