Prime Minister Shinzo Abe of Japan would be praised more than his predecessors in his efforts to revive his country's economy, said a Reuters report. Abe would be the only head of state in Japan who had managed to reduce the country's runaway debt - a first in more than 15 years. His recent steps to improve Japan's economy were raising the national sales tax to 8% from 5% in April and launching a JPY5 trillion economic stimulus package.
In a televised national news conference, Abe said of his latest plans, "It is my government's responsibility to have Japan's economy regain hope, vigor and confidence for growth, while at the same time maintaining trust in the country, as well as securely passing on the social security system to the next generation."
The sales tax increase would generate additional JPY8 trillion or USD81.42 billion to the country's coffers. However, critics were still doubtful that it would eliminate the country's budget deficit. Japan's debt had passed JPY1,000 trillion or USD10.18 trillion recently.
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