February 13, 1989
Japan's governing Liberal Democratic Party, under attack for a stock scandal and a new sales tax, suffered a setback in a special parliamentary election. Socialist Sadao Fuchigami defeated Kei Oma of Prime Minister Noboru Takeshita's party to gain a seat in Parliament's upper house, election officials said. In his victory speech, Fuchigami told supporters: "The people's complaints against the (stock) scandal and consumer tax led to my victory."
February 23, 1990 |
Hoping to defuse criticism of Japanese investments in the United States, the Japanese government is considering new tax breaks designed to entice Japanese companies into making greater contributions to American charities, hospitals and other philanthropic activities. Although Japan issued no formal announcement on the tax measure, officials of both the Foreign Ministry and Ministry of Finance said their agencies are reviewing ways to broaden existing tax deductions.
March 2, 1990 |
Prime Minister Toshiki Kaifu, saying that talks with the United States aimed at removing impediments to trade are "the most urgent and important topic" on Japan's agenda, today presented a sweeping blueprint to enrich life for the Japanese people. His proposals in a speech to Parliament mirrored steps urged by U.S. trade negotiators as ways to increase Japanese consumer spending and thus Japanese imports.
February 8, 1994 |
Japanese Prime Minister Morihiro Hosokawa today bowed to Socialist demands to temporarily scrap a tax hike intended to pay for a $49-billion income tax cut to boost the sluggish economy. The move averted a collapse of Hosokawa's 6-month-old coalition government. Hosokawa will now be able to meet President Clinton on Friday with a substantial tax cut proposal and an overall $140-billion economic stimulus package in hand.
April 2, 1989 |
A sweeping overhaul of the tax system took effect Saturday, befuddling consumers and shopkeepers and increasing opposition leaders' calls for the resignation of Japan's already beleaguered prime minister. The centerpiece of the reform is a 3% "consumption tax" on everything from taxi rides to apartment rents. At the same time, the reform cuts corporate, inheritance, higher-level income and residential taxes by $44.6 billion in fiscal 1989.
February 18, 1995 |
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.