Abe strikes a balance between economic growth and fiscal reform

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      Reuters'annual report on key policy guidelines shows that the Japanese government is expected to raise the consumption tax in October as planned, but is also ready to adopt flexible macroeconomic policies when economic risks become real.
The draft guidelines also need to be formally approved by Prime Minister Shinzo Abe's cabinet later this month. The draft also said that the government would be ready to "all policy tools" to help maintain the momentum of recovery of Japan's economy.
The mid-year policy guidelines stressed the need for the Abe government to strike a balance between economic growth and fiscal reform, just as the Sino-US trade war and the global slowdown could derail Japan's export-oriented economy. "We need to pay close attention to external trends, including trade issues. Despite Japan's gradual economic recovery, export and output performance is weak," the draft guidelines said, adding that China's economy is slowing and conditions in some parts of Europe are weak.
The draft says that if external risks become a reality, it may lead to stagnation of Japan's economic recovery.
In terms of monetary policy, the draft guidelines state that the government expects the Bank of Japan to promote easing to reach its inflation target of 2% as soon as possible.


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