The fact that he committed himself so strongly to the consumption tax increase shows the very heavy influence of the Ministry of Finance. Politically it’s remarkable that the MOF managed to convince Noda to bring about a collective suicide of the whole party.
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Koichi Nakano, a political science professor at Sophia University in Tokyo. He says the planned sales tax increase may cost Prime Minister Yoshihiko Noda the next election, which must be held by August 2013. (Bloomberg)
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marcelito
Indeed....Noda is basically willing to have DPJ slaughtered at the next election for the sake of the MoF bureaucrats tax increase...wonder what the payoff is...
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JeffLee
I hope the finance ministry is influential, it is the most important ministry, after all. Doh! The tax hike is supported by the IMF, economists and most other experts, especially since japan has among the lowest sales tax rates in the world and is in such a dire fiscal situation. And no, the hike is NOT a conspiracy of the finance ministry.
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