Japan’s Prime Minister Shinzo Abe attends a news conference at his official residence in Tokyo November 18, 2014.
Japanese Prime Minister Shinzo Abe said on Tuesday that he would call an early election to seek a fresh mandate for his economic policies, and postpone an unpopular sales tax rise, a day after data showed the economy had slipped back into recession.
The world’s third-biggest economy unexpectedly shrank for a second consecutive quarter in July-September, a sign the pain from an initial rise in the sales tax to 8% from 5% in April was lasting longer than expected.
Abe said he would delay a second increase to 10% that had been scheduled for October 2015 for 18 months. He added he would dissolve the lower house on Friday for an election that must be held within 40 days. The vote is expected on December 14.
(Source: Reuters)
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