Soaring prices spur tax cut proposals! Japan plans to significantly lower the food consumption tax, with rising fiscal and inflation risks.

According to the Zhitong Finance APP, despite opposition from former Japanese Prime Minister and other party officials concerned about the funding sources for tax cuts, Japan's ruling Liberal Democratic Party (LDP) is still proceeding as planned with the proposal to suspend the consumption tax on food. Itsunori Onodera, the head of the LDP's tax system research committee, stated after a meeting with party members on Monday: "Currently, many people are under pressure from rising living costs. We plan to design a mechanism to effectively reduce the consumption tax rate to zero, in order to fulfill the promises we made during the elections."