(My latest for Asia Times) Noda future hangs on a tax thread

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Noda future hangs on a tax thread　

Japanese Prime Minister Yoshihiko Noda, in office only since last September, has staked his political future on pushing through legislation for an increase in consumption tax before the present parliamentary session ends on June 21. With the economy in a parlous state, that is unlikely - and the country's revolving door of short-term premiers looks set to turn once more.
- Kosuke Takahashi (Jun 6, '12)

Noda future hangs on a tax thread

By Kosuke Takahashi

TOKYO - With Japan's economy remaining sluggish after two decades of prolonged deflation, Prime Minister Yoshihiko Noda is scrambling to pass bills to raise the consumption tax before the current parliament session ends on June 21.

While stressing in many occasions that "without a tax increase, Japan would go fiscally bankrupt like Greece", Noda has publicly vowed to stake his ''political life'' on the tax hike plan and now faces the possible end of his premiership. He is attempting to raise the consumption tax rate from the present 5% to 8% in April 2014 and to 10% in October 2015.