Bank of Japan governor Haruhiko Kuroda has said a government tax-hike plan would not damage the economy, but if it does he “won’t hesitate” to adjust monetary easing. Prime Minister Shinzo Abe’s government wants to increase incrementally a tax on sales over the next two years, however some economists fear the move could risk derailing Japan’s road to economic recovery. The plan proposes a three-percent rise to eight percent next year, before a further increase to 10 percent in 2015. “The government has said it will proceed with its fiscal structural reforms. I urge the government to firmly implement the plans,” Kuroda told the Mainichi Shimbun in an interview published Wednesday. He said Japan’s economy “isn’t likely to slow because of the sales tax hike” but added that if it did: “Monetary policy would be adjusted. I won’t hesitate.” In April the BoJ unveiled a multi-billion-dollar bond-buying scheme — similar to the US Federal Reserve’s — aimed at kickstarting growth in the limp economy and bringing an end to growth-sapping deflation. The BoJ’s easing under Kuroda is a key part of Prime Minister Shinzo Abe’s economic policy dubbed “Abenomics” and has been credited with weakening the yen and boosting exports….
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