Retailers have been cautious about offering aggressive discounts before the consumption tax is lifted to 10 per cent from 8 per cent on October 1. Photo: AFP
Japan consumers cautious on spending despite expected limited drag from sales tax increase
- Nation set to increase its sales tax from 8 per cent to 10 per cent on October 1
- The impact of the tax increase on consumer spending is important because private consumption accounts for 60 per cent of Japan’s gross domestic product
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Shinzo Abe
Retailers have been cautious about offering aggressive discounts before the consumption tax is lifted to 10 per cent from 8 per cent on October 1. Photo: AFP
Cars account for a third of Japan’s trade with the United States. Photo: Kyodo
US, Japan working towards signing trade deal but critics say Donald Trump’s offer violates WTO rules
- Japanese Prime Minister Shinzo Abe and his American counterpart will meet at the United Nations General Assembly in New York on Wednesday
- Japan is set to cut duties on US farm products, but it is unclear if the US will guarantee not to impose punitive import duty on Japanese car imports
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Japan
Cars account for a third of Japan’s trade with the United States. Photo: Kyodo