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HOME  > Past issues  > 2014 January 29 - February 4  > Consumption tax hike will destroy economy and finance: JCP Yamashita
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2014 January 29 - February 4 [POLITICS]

Consumption tax hike will destroy economy and finance: JCP Yamashita

January 31, 2014
Japanese Communist Party Secretariat Head Yamashita Yoshiki warned that imposing an additional consumption tax burden of eight trillion yen on the general public will harm both the economy and state of finance at a House of Councilors plenary session on January 30.

In an interpellation on behalf of the JCP, Yamashita, the party’s spokesman, pointed out that the government’s Abenomics policy has further increased financial disparities between full-time and non-regular workers, between the haves and have-nots, and between larger and smaller companies.

Yamashita referred to survey results released by the Bank of Japan in November, which indicates that 31% of Japanese households, the highest percentage since 1963, do not save money in a bank.

To increase the consumption tax rate under such a situation will further widen financial gaps and undermine the foundation of the economy, and thus is “the worst option,” Yamashita stressed, and demanded that the government cancel the consumption tax hike scheduled for April.

The JCP representative also criticized Prime Minister Abe Shinzo for pledging in bad faith to “use all revenues from the consumption tax hike for improving and stabilizing social security services.”

Pointing out that citizens have to shoulder another burden of three trillion yen due to a series of government plans to raise medical payments, cut nursing-care programs, and reduce pension benefits, Yamashita stressed, “The truth is the government intends to further cut social security services and programs in addition to the consumption tax rate increase.”
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