The Japanese Finance Minister, Masajuro Shiokawa, promised to cut taxes 'aggressively' in order to pull the country's economy out of its third recession in ten years.
Speaking following a meeting of G7 Finance Ministers in Washington, the Finance Minister briefly outlined government plans to stimulate growth to a target rate of 1% in fiscal 2003. However, he added that the Japanese authorities were not abandoning plans to trim spending and reduce the country's debt.
Speaking at a news conference, Mr Shiokawa pledged that: 'We will carry out tax cuts aggressively along with fiscal structural reform'.
The Japanese government was stung last week by the International Monetary Fund's suggestion that the state of the country's economy poses a risk to the global economic recovery. The IMF has predicted that Japan's economy will shrink by around 1% this year. The region's authorities have rejected this estimate, however, predicting that there will be no contraction in this fiscal year.
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