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Japan in halfway to beat persistent deflation: Abe

English.news.cn   2013-10-15 20:21:21            

TOKYO, Oct. 15 (Xinhua) -- Japanese Prime Minister Shinzo Abe said Tuesday that the country's economic recovery has yet to be truly felt, pledging to make more efforts to fight deflation.

"We are only halfway through our efforts to beat persistent deflation," Abe said in the opening speech to an extraordinary Diet session.

Abe has vowed to revive Japan's economy with stimulus monetary policy since he took office last December.

Abe's assessment indicates that despite a recent increase in economic output, he feels there is more to be done to spread positive sentiment throughout the world's third largest economy.

He reiterated that the government would raise the sales tax to 8 percent from the current 5 percent as planned next April, while large-scale economic stimulus policies would be implemented to cope with any negative impact on household and business spending.

He has shifted focus to supporting companies willing to raise salaries and expand payrolls, with deregulation, tax breaks and other growth-friendly measures.

According to Abe, the government will also press for bills to establish special economic zones to boost business investment through deregulation, which is partly aimed at supporting Tokyo's hosting of the 2020 Summer Olympics in the areas of infrastructure development and other projects.

Editor: Shen Qing
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