Japan's Prime Minister, Taro Aso, has agreed in principle to push back the introductory date for a planned increase to the country's rate of sales tax.
At present, Japan's sales tax is levied at a rate of 5%. However, in light of the government's need to boost revenues, Aso proposed in the government's medium-term tax reform statement that the tax rate be increased in 2011.
However, the proposal has provoked opposition from some members of the ruling Liberal Democratic Party, with many arguing that the prospect of a consumption tax hike in two years' time is hardly likely to improve sentiment in Japan's moribund economy.
Fearing a party rebellion, Aso has agreed to an amendment that means the government will increase the rate of consumption tax in 2011 at the earliest, but has not committed to a specific date. Aso has also agreed only to increase the tax if economic conditions have improved in the meantime.
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