Statement by Yoshimitsu Kobayashi, Chairman of Keizai Doyukai
on Consumption Tax Rate Hike to 10% in October 2019

October 15, 2018

Yoshimitsu Kobayashi
Chairman, Keizai Doyukai

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1. Prime Minister Abe has today reiterated that the consumption tax rate will go up as planned on October 1, 2019. When we overcome the aging, shrinking population and the declining birthrate, and also ensure sustainability of society, it is indispensable to establish the social security systems for all generations and simultaneously to achieve the fiscal consolidation. We appreciate the prime minister's decision to raise the tax rate to 10% as it is deemed a step forward to bring these into reality.
2. Toward a rate hike with its impact limited, we request the government to come up with concrete measures for leveling out the total demand, which is in line with the targets of fiscal consolidation.

Japanese version