Abe Seeks Steps to Prevent Economic Slump after Tokyo Olympics (News)
Tokyo, Feb. 20 (Jiji Press)—Japanese Prime Minister Abe Shinzō on Tuesday instructed related cabinet ministers to consider measures to prevent a possible fallback of the country's economy after the consumption tax hike planned for October 2019 and the 2020 Tokyo Summer Olympics and Paralympics.
At the day's meeting of the Council on Economic and Fiscal Policy, a key government panel, Abe said, "We need to study concrete steps to curb economic downswings (after the tax hike, and the Olympic and Paralympic Games) partly by learning from examples in Europe."
Abe also showed his government's intention to conditionally accept more foreign workers in response to Japan's falling population.
To minimize an expected downturn in demand after the planned consumption tax hike to 10% from 8%, private-sector members of the council called for measures to help spur purchases of high-priced consumer durables and housing to be included in the government's fiscal 2019 budget.
These members also stressed the importance of timely fiscal spending by the government to keep the economy afloat after the Tokyo Olympics and Paralympics, citing measures Britain took to prevent a decline in demand after the 2012 London Summer Olympic and Paralympic Games.[Copyright The Jiji Press, Ltd.]