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Japanese Prime Minister Sanae Takaichi has decided to reduce consumption tax on food and beverages for two years starting next April, but the measure she calls 'temporary' could become a vote-winning tool in future elections and extend beyond its intended timeframe. Analysts warn that once applied, tax cuts are difficult to remove, raising concerns about fiscal sustainability.
Japan's Cabinet approved a plan to cut the consumption tax on food and beverages from 8% to 1% for two years starting next April, marking the first reduction since the tax's 1989 introduction. The policy aims to alleviate cost-of-living pressures from inflation, though fiscal implications remain a consideration.
G7 leaders issued a joint statement committing to closer cooperation to promote economic growth and resilience amid global volatility. They stressed that coordinating fiscal, monetary, and trade policies is essential for sustainable growth and protection against external shocks. The group also agreed to advance initiatives in technology, digital transformation, and supply chains.
About 1,500 Indonesian students protested in Jakarta against President Prabowo Subianto's economic policies amid rising fiscal pressures. They demanded lower fuel and food prices and called for cuts to costly social welfare programs, including the free meal initiative. Clashes with security forces occurred as police deployed 6,000 personnel to monitor the rally.
Iran is implementing a strategy to neutralize the effects of international sanctions and build a resilient economy. Officials stress reducing oil dependence and developing import-substitution industries. The measures include diversifying trade, using alternative financial channels, and boosting domestic production.
New York Mayor Eric Adams has slammed soaring US inflation, attributing it partly to the federal government's climate change campaign and poor economic policies. He called for urgent action to ease the burden on working families as CPI hit a 40-year high.
Facing federal SNAP cuts that could strip 665,000 Californians of food aid, the state proposes a 5% one-time wealth tax on its billionaires to raise $100 billion. The measure, backed by over 1.5 million signatures, is expected on the November ballot, but faces fierce opposition from tech moguls like Sergey Brin.
