As Taxes Rise in Japan, Will Abenomics Turn Into Abegeddon?

Since coming into office in December 2012, Japanese Prime Minister Shinzo Abe has taken many controversial steps to revive Japan’s moribund economy. Tomorrow comes the riskiest move yet. For the first time in 17 years, Japan is raising the consumption tax. With the start of the new fiscal year on April 1, Japanese consumers will suddenly have to pay an 8 percent tax instead of 5 percent. That hike could endanger Japan’s fragile recovery.

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