September 30, 2019 / 5:12 AM / 22 days ago

Japan to monitor sales tax hike impact, stands ready to act -econmin

FILE PHOTO: Japan's Economy Minister Yasutoshi Nishimura attends a news conference at Prime Minister Shinzo Abe's official residence in Tokyo, Japan September 11, 2019. REUTERS/Issei Kato

TOKYO (Reuters) - Japanese Economy Minister Yasutoshi Nishimura said on Monday he would watch the impact of the October sales tax hike on the economy and take additional measures to prop up the economy if needed.

“After the consumption tax rate hike, I’ll take the initiative to check the economic situation closely and take additional economic measures flexibly, if necessary,” Nishimura said in an address to foreign embassies’ representatives in Tokyo.

Japan will raise the national sales tax to 10% from 8% on Tuesday. The previous tax hike to 8% from 5% in April 2013 weighed on consumer confidence and triggered an economic slump.

Reporting by Daniel Leussink; Editing by Chang-Ran Kim

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