Japan: Overnight/Morning Press – Tax reform aimed at bolstering wages, employment

While the BOJ was disappointing, the government is pressing on in other areas.

Japan’s ruling bloc OKs FY 2013 tax reform plan

Japanese ruling parties on Thursday adopted tax reform policies for fiscal 2013 starting April, centering on tax rate cuts aimed at bolstering investment and consumption to jack up the country’s deflation-beset economy ahead of the planned sales tax hikes in two stages from April 2014.

More details of the reforms:

Japan Ruling Party Panel OKs Tax Reform Plans

Still more: Ruling bloc airs tax plan, eye on poll

Tax Reform Aims To Nudge Firms To Boost Spending

One of the key goals in the fiscal 2013 taxation reform is to induce businesses to use their retained earnings and other idle assets to increase wages, employment and R&D spending.