Prime Minister Yoshihiko Noda expressed his resolve in a New Year address Sunday to implement reforms in Japan's social security and tax systems in a bid to help revive its economy.
His address comes two days after his government approved a draft plan for the social security and tax reforms, including doubling the consumption tax rate in two stages to 10 percent by 2015, to finance swelling welfare costs in rapidly aging Japan.
"We must move into high gear in tackling the difficult challenge of achieving both fiscal rehabilitation and economic growth," Noda said, noting the need to improve the sustainability of the social security system. (Japan Times)
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