The Government of Japan will have to take measures if the economy slows down

Economy

The government has sworn that it will act quickly, with steps that could include compiling stimulus measures, if the domestic economy displays signs of a slowdown following the recent consumption tax hike.

At a meeting of the Council on Economic and Fiscal Policy, directed by Prime Minister Shinzo Abe, participants reviewed economic trends both at home and abroad since the increase in the consumption tax rate from 8 percent to 10 percent on Oct. 1.

“It’s crucial for us to act without delay while carefully examining macroeconomic conditions,” Abe stated, calling on members of the panel to pay close attention to downside dangers in overseas economies and a potential drop in domestic demand after the hike.

“If downside risks become apparent, we should implement full-fledged measures in a well-timed manner without hesitation in order to guarantee that Japan’s economy is firmly on a growth track,” Abe said.

Private-sector members of the council stated that there were concerns over a slowdown in trade and business investment across the globe. They also insisted on the government to keep a close eye on consumption trends and the number of tourists visiting Japan from overseas.

They stressed the importance of making efforts to maintain the virtuous economic cycle after the 2020 Tokyo Olympics and Paralympics.

The private-sector members also called on the government to gather as soon as possible details — including the scale — of an envisioned policy in which local governments will give points to holders of My Number identification cards from the summer of 2020, when a state-managed point reward program began this month to ease the pain of the consumption tax hike is scheduled to end.

 

 

 

Shreyas Tanna

About Shreyas Tanna

The winner of Mr. Pune 2009 Pageant, Mr. Shreyas Tanna is currently the young, dashing, and dynamic CEO of a market research company called Research N Reports in Pune. Fondly known as RNR, the company specializes in market research as well as industry analysis, and is closely associated with its parent company Absolute Markets Insights (AMI). Mr. Shreyas Tanna began his corporate journey as the Head of Corporate sales & PR at RED Entertainment while pursuing his degree for MMS (Marketing) from the MGM College of Management, Mumbai. After accomplishing the tedious task of balancing his work and education, he further polished his skills in Corporate Sales, Public Relations, Channel Development, Global Client Engagement, Strategic Consulting, and Brand Development by working with HDFC Life and ResearchMoz Global Pvt. Ltd. His dedication towards his work has even won him accolades such as the National Level Performer 2013 – HDFC Life and Mr. ResearchMoz 2015. A disciplined individual with a loving heart, he is often seen taking crisp walks with an engrossed look and a gentle smile within the premises of his company to interact with the various departments. And he will be usually followed by an adorable trail of his beloved trio of Shih Tzu babies proudly known as Gucci, Drake, and Paris. The most enticing thing that you will notice about this content and proud pet parent is his infectious positivity and the firm belief in his eyes, a reflection of his favorite quote, “LIFE IS BEAUTIFUL!”

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