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ECONOMY > Economic Policy

Gist of Japan government’s economic policy blueprint

  • June 15, 2018
  • , Kyodo News , 6:11 p.m.
  • English Press

TOKYO — The following is the gist of the Japanese government’s annual economic policy blueprint that was approved by the Cabinet on Friday.

 

The government:

 

— plans to raise the nationwide consumption tax from 8 percent to 10 percent on Oct. 1, 2019.

 

— will the same day start free education for children in low-income households aged 0 to 2 and all children aged 3 to 5.

 

— will include “extraordinary measures” in the budgets for fiscal years 2019 and 2020 to offset swings in domestic demand caused by the tax hike.

 

— will address labor shortages by creating a new framework expanding the number of foreign workers allowed to work in the country.

 

— aims to achieve a primary balance surplus by fiscal 2025, five years later than the previous target year.

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