Possible Delay for Planned 2015 Increase in Japan's Consumption Tax

Amid a contracting economy and growing political pressure following the increase in Japan's consumption tax rate to 8% in April 2014, Japan's Prime Minister Shinzo Abe is currently considering whether or not to go ahead with the planned increase to 10% in October 2015. Although the increase is seen as needed to help control Japan's growing deficit and potential default, Abe has been quoted as saying, 'by increasing the consumption tax rate if the economy derails and if it decelerates, there w…