Nobel winner Stiglitz urges Japan to delay tax hike

AFP, TOKYO: Nobel Prize-winning economist Joseph Stiglitz yesterday urged Japan to postpone a planned tax hike, warning that boosting the tariff could hurt the debt-hit economy as global markets slump.
The comments come as Japanese Prime Minister Shinzo mulls postponing the consumption tax hike ahead of summer elections, in a possible about-face from a previously repeated pledge to carry it out.
Stiglitz, a long-time critic of austerity schemes pursued by Western governments, met with Abe and other top officials ahead of a Group of Seven summit in Japan in May.
He cautioned against a consumption tax hike scheduled for April 2017 that would raise the levy from eight to 10 per cent.
“A consumption tax increase now is going in the wrong direction,” Stiglitz told reporters after the meeting.

Nobel winner Stiglitz urges Japan to delay tax hike

AFP, TOKYO: Nobel Prize-winning economist Joseph Stiglitz yesterday urged Japan to postpone a planned tax hike, warning that boosting the tariff could hurt the debt-hit economy as global markets slump. The comments come as Japanese Prime Minister Shinzo mulls postponing the consumption tax hike ahead of summer elections, in a possible about-face from a previously repeated pledge to carry it out. Stiglitz, a long-time critic of austerity schemes pursued by Western governments, met with Abe and other top officials ahead of a Group of Seven summit in Japan in May. He cautioned against a consumption tax hike scheduled for April 2017 that would raise the levy from eight to 10 per cent. A consumption tax increase now is going in the wrong direction, Stiglitz told reporters after the meeting.