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."