TOKYO -- Ruling coalition tax reform plans will boost private consumption in Japan by encouraging housewives and other secondary earners to pursue higher take-home pay.
Junichi Makino, chief economist at SMBC Nikko Securities, estimates that consumer spending could increase by 420 billion yen ($3.68 billion) under the spousal tax reform. The plan was put forward Thursday by the Liberal Democratic Party and its coalition partner Komeito.