Japan's ruling parties are set to approve Friday a plan to raise taxes to fund a substantial increase in defense spending but will likely postpone deciding when to do so amid turmoil caused by Prime Minister Fumio Kishida abruptly floating the idea. The government plans to increase corporate and tobacco taxes, alongside imposing a defense tax to boost defense spending to a total of 43 trillion yen ($312 billion) over the next five years, bringing it to a level equivalent to 2 percent of annual gross domestic product. Kishida's announcement last week he would consider hiking taxes sent ripples ...
