Japan's leading party offers to increase sales tax

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Source: Bloomberg
Japan's leading party suggested to increase twofold the sales tax by 2015. Democratic Party of Japan proposes to increase the sales tax from 5% to 8% in October 2013 and further to 10% in April 2015, said lawmakers Motoyuki Odachi and Takeshi Miyazaki. After party's meeting 9 members quit. Japan is struggling to recover from March earthquake while suffering from drop in exports. Proposed increase in taxes is an attempt to reduce Japan's debt burden. 
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