JAPAN

摘要

According to the finance ministry, Japan's national debt topped the ¥1,000 trillion mark in Q2 for the first time ever. The government's debt burden reached a record ¥1,008.6tn as of June 30, underscoring the urgent need for the prime minister to go ahead with a scheduled consumption tax increase which (it is hoped) will help the fiscal accounts. The planned levy on expenditure is due to be raised to 8% in April 2014, up from the existing 5% tax rate, before rising again to 10% in October 2015.