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BUSINESS
June 23, 1988 | From Times Wire Services
Prime Minister Noboru Takeshita's much-heralded tax-reform plans are already running into trouble, only days after they were officially announced. A leading Japanese businessman called Wednesday for major changes in the tax program and said the package, which includes a new sales tax, was unlikely to win popular support. "We want changes in the plan," said Rokuro Ishikawa, chairman of the Japan Chamber of Commerce and Industry. "We have not accepted it."
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BUSINESS
July 9, 1998 | SONNI EFRON, TIMES STAFF WRITER
Facing grim poll numbers five days before key parliamentary elections, Japanese Prime Minister Ryutaro Hashimoto on Wednesday promised to seek permanent tax cuts next year--but frustrated financial markets by giving no specifics. For months, the U.S. government and international markets have been clamoring for permanent tax cuts to stimulate the moribund Japanese economy--and thus help propel the rest of Asia out of its slump.
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BUSINESS
December 23, 1991 | From Washington Post
At a time when U.S. politicians are calling for tax cuts to stimulate the flagging American economy, Japan is moving to raise taxes to maintain tight fiscal discipline. The Finance Ministry on Sunday unveiled a draft budget for the coming fiscal year that includes a $5.7-billion tax increase to ensure that the government will not have to borrow to cover current operating expenses.
BUSINESS
July 5, 1998 | TOM PETRUNO
Here, in edited-for-TV form, is how it went last week in currency trading as the market wrestled with the idea that Japan might actually have a serious plan for ending its long economic nightmare: * Tuesday. Japan: "Hey, we have a serious plan for ending our long economic nightmare! You'll see!" The dollar plunges from 141.86 yen to 138.77 yen. * Wednesday. Japan: "You won't believe how serious we are! Really!" The dollar falls further, to 137.90 yen. * Thursday.
NEWS
December 25, 1988 | KARL SCHOENBERGER, Times Staff Writer
The ruling Liberal Democratic Party pushed a controversial tax reform package through the upper house of Parliament on Saturday evening after weathering a 26-hour marathon of harassment tactics by the opposition. Passage of the package brings the first major overhaul of Japan's tax system in nearly 40 years, but it comes amid an uproar over a stock-trading scandal that has seriously hurt the credibility of Prime Minister Noboru Takeshita's administration.
BUSINESS
September 21, 1987 | SAM JAMESON, Times Staff Writer
Parliament enacted a law Saturday that will eliminate the tax exemption for interest paid on savings accounts, a move long advocated by American economists and government officials as a way to encourage consumption and spur demand for imports in Japan. All the opposition parties voted against the measure, but the upper house completed action on the measure just before the end of a special session. The lower house had earlier adopted the same measure.
BUSINESS
February 6, 1995 | Times Staff and Wire Reports
Scotch Distillers Battle Taxes: Frustrated by years of waiting, Britain's Scotch whiskey makers have stepped up their campaign against Japan's liquor taxes, saying the discriminatory system must be scrapped soon. The issue could be brought before the World Trade Organization if the Japanese government does not comply with its trade obligations, said Hugh Morison, director general of the Scotch Whiskey Assn.
BUSINESS
March 28, 1997 | DAVID HOLLEY, TIMES STAFF WRITER
The trendy Harajuku district, a favorite weekend hangout for Tokyo young people, has been jammed lately even on weekdays--with shoppers like Sayaka Onoda, 20, who was in a rush to buy $400 snowboarding boots. At the upscale Tears Moon jewelry shop, just off elegant tree-lined Omotesando Avenue, sales are up "at least 30%" in recent weeks, with most customers buying expensive jewelry costing $800 or more, manager Atsuko Watanabe said.
NEWS
April 10, 1998 | SONNI EFRON and DAVID HOLLEY, TIMES STAFF WRITERS
Bowing to a torrent of pressure from the United States, international investors and elite Japanese business leaders, Prime Minister Ryutaro Hashimoto on Thursday abandoned the austerity policies on which he had staked his political reputation but which critics say have thrown Japan into recession. In a risky political about-face, Hashimoto announced $30 billion in temporary tax cuts designed to persuade skittish Japanese consumers to open their wallets.
BUSINESS
July 9, 1998 | SONNI EFRON, TIMES STAFF WRITER
Facing grim poll numbers five days before key parliamentary elections, Japanese Prime Minister Ryutaro Hashimoto on Wednesday promised to seek permanent tax cuts next year--but frustrated financial markets by giving no specifics. For months, the U.S. government and international markets have been clamoring for permanent tax cuts to stimulate the moribund Japanese economy--and thus help propel the rest of Asia out of its slump.
NEWS
April 10, 1998 | SONNI EFRON and DAVID HOLLEY, TIMES STAFF WRITERS
Bowing to a torrent of pressure from the United States, international investors and elite Japanese business leaders, Prime Minister Ryutaro Hashimoto on Thursday abandoned the austerity policies on which he had staked his political reputation but which critics say have thrown Japan into recession. In a risky political about-face, Hashimoto announced $30 billion in temporary tax cuts designed to persuade skittish Japanese consumers to open their wallets.
NEWS
April 3, 1997 | SONNI EFRON, TIMES STAFF WRITER
In a landmark decision greeted with both joy and rage, Japan's Supreme Court on Wednesday ruled that the use of taxpayers' money for ritual offerings at religious shrines is unconstitutional. The decision was based on a case involving the controversial Yasukuni Shrine, an oasis under a canopy of cherry trees in downtown Tokyo dedicated to the worship of the "divine spirits" of about 2.5 million Japanese who have died fighting for their country since 1869.
BUSINESS
March 28, 1997 | DAVID HOLLEY, TIMES STAFF WRITER
The trendy Harajuku district, a favorite weekend hangout for Tokyo young people, has been jammed lately even on weekdays--with shoppers like Sayaka Onoda, 20, who was in a rush to buy $400 snowboarding boots. At the upscale Tears Moon jewelry shop, just off elegant tree-lined Omotesando Avenue, sales are up "at least 30%" in recent weeks, with most customers buying expensive jewelry costing $800 or more, manager Atsuko Watanabe said.
BUSINESS
September 29, 1996 | RICHARD KOO, Richard C. Koo is senior economist at Nomura Research Institute in Tokyo
Question: Where do U.S. expatriates pay the heaviest taxes and have the toughest time getting along financially? Answer: Without a doubt it's Japan--and it's not just the notoriously high prices here. There are at least two problems that make it very difficult for Americans to compete in Japan--far more difficult than for Japanese citizens working in the U.S. One problem is American, the other Japanese. Everyone knows that Japanese prices are among of the highest in the world.
NEWS
February 18, 1995 | SAM JAMESON and TERESA WATANABE, TIMES STAFF WRITERS
With a silent prayer for the 5,391 dead and its speediest legislation in 44 years, Japan on Friday marked the end of the first month of suffering for victims of Kobe's killer earthquake and the beginning of budget measures to promote rehabilitation. Twice during the day--at 5:46 a.m., the moment at which the 6.8-magnitude earthquake struck on Jan. 17, and again at noon--Toshitami Kaihara, governor of Hyogo prefecture, or state, led a one-minute silent prayer.
BUSINESS
February 6, 1995 | Times Staff and Wire Reports
Scotch Distillers Battle Taxes: Frustrated by years of waiting, Britain's Scotch whiskey makers have stepped up their campaign against Japan's liquor taxes, saying the discriminatory system must be scrapped soon. The issue could be brought before the World Trade Organization if the Japanese government does not comply with its trade obligations, said Hugh Morison, director general of the Scotch Whiskey Assn.
NEWS
February 4, 1994 | TERESA WATANABE and DAVID HOLLEY, TIMES STAFF WRITERS
Japanese Prime Minister Morihiro Hosokawa today abruptly backed down from a tax package proposed just one day earlier to jump-start the flagging economy, a stunning turnabout meant to quell a political backlash that had threatened to destroy his ruling coalition. Hosokawa's reversal on plans to enact a $49-billion tax cut, and a new welfare tax to finance it, came after hours of fruitless negotiations with the Socialists, who had threatened to quit the coalition.
BUSINESS
November 26, 1994 | DAVID HOLLEY, TIMES STAFF WRITER
In a bid to spur Japan's recovery that drew only lukewarm praise from the United States, Parliament gave final approval Friday to a reform package that immediately slashes the income tax but later raises the sales tax. The income tax cuts--$56 billion in 1995 and $36 billion for 1996 and subsequent years--are due to be roughly balanced starting from 1997 by increased taxes on purchases of goods and services.
BUSINESS
September 23, 1994 | From Times Staff and Wire Reports
Japanese Tax Cuts Approved: Matching the thrust of American demands, Prime Minister Tomiichi Murayama's coalition Cabinet approved another two years of income-tax cuts without increasing other taxes in a move designed to stimulate Japan's economy. The reform package, to be submitted to Parliament for approval, expected this fall, guarantees that Japanese citizens will pocket at least $104 billion in tax savings in the next two years.
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