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March 31 (Reuters) - (The following statement was released by the rating agency)
The rise in Japan’€™s consumption tax on 1 April is not expected to derail its economic recovery, according to the March edition of Fitch’€™s APAC Sovereigns Chart of the Month.
Consumer confidence has dipped ahead of the hike, offsetting the increase recorded since the election of the Liberal Democratic Party-led coalition in December 2012 and the coming of '€œAbenomics’€�. However, a close reading of the evidence around a previous tax increase in 1997 suggests the drop may be short-lived.
€œAPAC Sovereigns Chart of the Monthâ€� is available at www.fitchratings.com or by clicking on the link below.
Link to Fitch Ratings’ Report: APAC Sovereigns Chart of the Month: March 2014