Playing politics in Japan
News On Japan via The Diplomat -- Jul 01
This week, legislation tied to Japan's reform of social security and taxation systems, including a bill to raise the consumption tax rate from the current 5 percent to 8 percent in April 2014 and then to 10 percent in October 2015, passed the Lower House.
The proposal to increase the consumption tax rate has been highly contentious. Proponents see a fiscal and social need to reduce the national debt, which already exceeds 200 percent of GDP, and to make sacrifices for the future. Opponents voice concern over a possible blow to their household accounts and businesses, particularly if they are small- to mid-sized businesses.
According to the Dai-ichi Life Research Institute Inc., an average household with an annual income of 5,000,000~5,500,000JPY (with working parent and two children) will pay an additional 73,000JPY ($915) and 120,000JPY more annually under the increased rates of 8 percent and 10 percent, respectively. A Bloomberg article warns that Prime Minister Yoshihiko Noda's decision would "risk stalling the economy."
|| Tokyo cops bust casino in Shibuya |
| || Tokyo Metropolitan Police on Wednesday raided an Internet casino in Shibuya Ward for offering illegal gambling. (Tokyo Reporter) |
|| X Japan waxes lyrical at Madame Tussauds debut |
| || This Monday, members of the seminal metal band X Japan were in Odaiba rubbing shoulders with the likes of Brad Pitt, Lady Gaga and AKB48′s Yuko Oshima. The catch? They were all made out of wax. (Japan Times ) |