“I believe that this past year has been one in which we have started to restore lost confidence. […] We are entering a critical stage. That is why we will raise consumption tax from 5% to 8% in April. “We must not let go of the chance that we have finally seized to potentially overcome deflation. […] This is exactly why we are alleviating the impact that raising the consumption tax will have by undertaking other tax measures, including 5.5 trillion yen in economic measures and 1 trillion yen in tax breaks for capital investment and other activities. I hope to recover our current strength and put Japan back on its current path toward growth from July.”
Prime Minister Abe Shinzo said at the 2014 New Year Party Jointly Hosted by the Three Economic Associations.