Japan Temporarily Slashes Food Tax to 1% for Inflation Relief
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Japan's government has announced a temporary reduction of the consumption tax on food from 8% to 1%, effective from April next year. This move aims to alleviate the pressure on living costs in the world's fourth largest economy, which are being exacerbated by the war in the Middle East and a weak Japanese yen. The program is expected to cost $61 billion and economists have warned about potential inflation.
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