Japan finance minister Aso:
- Likely can’t avoid corporate tax cut to keep competitiveness
- Need a broad discussion of corporate tax including the tax base
- Wants the tax panel to carefully consider corporate tax
Earlier Aso trotted out some old favourites:
- Japan monetary policy is aimed at defeating deflation, not weakening the yen
- The weaker yen is a side-effect of monetary policy
Meanwhile, USD/JPY is not doing a real lot today, its down marginally. EUR/JPY is a little lower as the EUR/USD lost 20-odd points from earlier highs. GBP/USD and GBP/JPY have also come off.