Heard on the Street: Japan’s latest sales-tax increase has dented its economy in the same way the last two did
A sales-tax increase has once again dented the Japanese economy more than the government expected; the country can do betterFor the third time, Japan has increased the country’s sales tax when a tightening of fiscal policy wasn’t merited. For the third time, the economic hit has been greater than expected.
This week, the Japan Center for Economic Research suggested the Japanese GDP contracted 3.7% in October from its level a month earlier, as the government increased the sales tax from 8% to 10%. The forecast is the worst since the last time the government made exactly the same mistake and raised the tax from 5% to 8% in 2014.
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