More than 60 percent of Japanese companies want authorities to go ahead with a s...
TOKYO - More than 60 percent of Japanese companies want authorities to go ahead with a sales tax hike in October, but feel that additional government spending is needed to cushion the blow on the economy, a Reuters monthly poll showed.
Abe has twice postponed the planned tax hike — needed to meet rising social welfare costs as the population ages — since the last increase to 8 percent from 5 percent in April 2014 hit consumer spending and triggered an economic slump. Some 18 percent said no extra stimulus was needed, but 61 percent said additional steps are necessary.
“Raising the tax is meaningless if it involves stimulus to boost spending,” a service firm manager wrote in the survey. Some economists have warned that Japan could slide into a recession as companies are feeling the impact of the Sino-U.S. trade war and global slowdown, chilling business investment and demand.
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