Japan may double consumption tax: Noda

Japanese Prime Minister Yoshihiko Noda said yesterday he thinks he can reach a deal with the opposition to double the 5 percent consumption tax in order to shore up the country's social security system. "I believe we can come to an understanding," Noda told journalists from overseas media organizations yesterday at his official residence in Tokyo. "I sense that our debate is beginning to jibe." The combination of an aging society and a declining birthrate has put Japan in an "unprecedented situation" as the government seeks to rein in soaring welfare costs, Noda said. (BusinessWeek)