Japan sets out new reforms

Japan sets out new reforms

Japanese Prime Minister Shinzo Abe has set out plans to further boost his country’s economy. One of the factors often said to be holding Japan back is its high corporate tax rate, which is only below that of the US in the OECD nations. This will be cut in phases over the next few years although deregulation in agriculture seems to have been watered down. Abe’s first round of reforms last year has done little to boost the economy, although the higher sales tax did create a pre-rise frenzy in retail. Although it is unlikely to make a huge difference to economic conditions, today’s announcements is also included a repeal of the law banning dancing after midnight. Read the full story.