On 1 June 2016, Japan's Prime Ministry Shinzo Abe announced that the increase in the country's consumption tax rate from 8% to 10% will be delayed to 1 October 2019. The tax was first increased from 5% to 8% in April 2014, and was to be increased to 10% from October 2015. However, due to the perceived negative economic effects of the first increase and global economic uncertainty, the increased…