A senior International Monetary Fund official has urged Japan to adopt a “credible” fiscal plan to address the world’s largest public debt mountain.
Naoyuki Shinohara, deputy managing director at the International Monetary Fund, told the Kyodo news agency that it was necessary for the government to make the medium term fiscal roadmap as concrete as possible. "Greece should not be regarded as a fire on the other side of the river," he said.
Shinohara went on to warn that the pace of deterioration in the public finances was "pretty high" and that the government had little choice but to raise additional revenue through taxation.
Shinohara was formerly a top currency official at Japan’s Ministry of Finance.
Japan's outstanding public debt is approaching 200% of GDP this year, after applying fiscal stimulus measures to counter deflation.
.Tags: tax | Japan | fiscal policy | Japan
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