Consumption tax (finally) set to rise

On Tuesday, the long-awaited increase in Japan’s consumption tax came a step closer as a bill to raise the tax passed Japan’s lower house of parliament. Although a step in the right direction to stabilise Japan’s public finances, it will still be several years before the increase is fully implemented and more action will still be needed. What’s more, the economy is in for a bumpy ride as GDP sees stop-start growth for the next few years.