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[Japan’s cabinet approves temporary reduction of food sales tax to 1%] On September 15th, Japanese Prime Minister Sanae Takaichi’s cabinet approved a plan to temporarily reduce food sales tax. The plan proposes to reduce the food and beverage consumption tax from 8% to 1% for two years starting from April next year. According to the plan, the government will not issue new bonds to finance the approximately 5 trillion yen ($32.3 billion) measure. A decision on how to fund the tax cut plan has been postponed until the end of the year.
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