During a summit in Toronto in 2010, the G-20 agreed on a time table cutting government deficits in half by 2013 with the exception of Japan. Japan has a large fiscal deficit 40 trillion yen a year, and if it joins to keep the agreement, it needs 9 % tax increase without the growth of expenditures.They acknowledge that such tax increase under being struck in deflation is unrealistic, but if Japan lefts tax increase vague, it will loose international community's trust and remained as an exception.
(the Asahi Shinbun "Editorial")
