Abe Set to Call Election, Delay Tax Hike Amid Recession

Japanese Prime Minister Shinzo Abe is set to call early elections as part of a trio of measures today in a gambit to secure his political future and fortify the “three arrows” of his economic policy after the nation sank into recession.

Abe will speak to media for about 20 minutes from 7:10 p.m. local time today. He plans to postpone an unpopular sales tax increase, scheduled for October 2015, for 18 months, people familiar with the discussions said last week. He’ll probably call an early election for Dec. 14, according to people with knowledge of the ruling party’s strategy. Abe will announce both steps at the press conference, public broadcaster NHK said, as well as ordering new stimulus measures.