Japan's Prime Minister, Junichiro Koizumi, and Finance Minister Masajuro Shiokawa have both expressed opposition to a freeze in stock taxes tabled by three prominent Japanese business organisations this week.
The Japan Business Federation, the Japan Chamber of Commerce and the Japan Association of Corporate Executives joined forces to call for a one year freeze on dividend taxes and capital gains tax on stock profits in order to breathe some life into the depressed domestic stock market.
However, addressing a press conference after a regular cabinet meeting yesterday, the Finance Minister was dismissive of the business groups' plea. "We must confirm the true meaning of the proposal, but we cannot help saying no, if it is true," Shiokawa told reporters.
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