Japan’s Aso: Fiscal situation will deteriorate further ahead as tax revenue will likely decline

Dhwani Mehta FXStreet

Speaking to reporters on Friday, Japanese Finance Minister Taro Aso said that the country’s fiscal situation will deteriorate further ahead as tax revenue will likely decline.

Additional quotes

"We must aim for tax revenue increase by reviving the economy, not by tax hikes."

"The jobless rate will likely worsen in May."

"Large stimulus has not triggered JGB sell-off, yen selling."

The downbeat outlook on the economy was also echoed by the Economy Minister Yasutoshi Nishimura some minutes ago, as he said that the country's industrial production is in severe condition, particularly the auto sector.

Meanwhile, a government official stated earlier today, the last time the Japanese govt described industrial production as decreasing rapidly was in November 2008.

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Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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