A political reform body set up by the ruling Liberal Democratic Party held its first meeting on Jan. 11 to address a funding scandal that has embroiled factions in the party.
Ruling coalition lawmakers on Dec. 14 approved changes to the taxation system for fiscal 2024 that were heavy on tax cuts and deductions but light on tax hikes for a planned giant defense buildup.
The government and ruling coalition are further pushing back a planned tax hike needed to pay for a huge defense buildup by at least a year to possibly 2026.
Prime Minister Fumio Kishida categorically ruled out raising taxes next year to pay for a massive increase in defense spending, alluding to unfavorable economic conditions that have left many households struggling.
The word coming out of Tokyo’s Nagatacho, the heartland of Japanese politics, is that Prime Minister Fumio Kishida is planning a “bold” measure to help the public ride out soaring prices for foodstuffs and other commodities.