"Japan, which spent itself into oblivion fighting deflation (and losing), now needs to raise taxes in the midst of that deflation.
Please consider Sengoku Says Japan’s Finances Near ‘Edge of a Cliff’
Japan’s top government spokesman said the country’s fiscal situation is “approaching the edge of a cliff,” underscoring Prime Minister Naoto Kan’s call for a national debate on raising the 5 percent sales tax..."
at http://globaleconomicanalysis.blogspot.com/2011/01/japans-finances-approach-edge-of-cliff.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+MishsGlobalEconomicTrendAnalysis+%28Mish%27s+Global+Economic+Trend+Analysis%29
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