Japan has no plans to review the consumption tax rate, says the Minister of Finance

On October 1, 2019, shoppers will look around at the shops in Tokyo. (Kim Jeong Hoon / Reuters)

Tokyo — Japan is not considering a future revision of the consumption tax rate, as the current 10% tax provides an essential source of funding for social security spending to support the aging population. The minister said on Friday.

After the cabinet meeting, Prime Minister Shunichi Suzuki told reporters that Japan needs to work on spending and revenue reforms to win market confidence in its financial position.