Japan Finance Minister Katayama announces policy plans including a bill to cut the consumption tax on food and beverages and support payments

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Japan Finance Minister Katayama said the Cabinet had approved a bill to cut the consumption tax on food and beverages and provide support payments, proposing to reduce the tax rate to 1% from April 令和9年 and implement it for two years, while first introducing support payments to reduce the burden on employed people, with full implementation beginning in April 令和11年. The government will secure funding without relying on special deficit-financing bonds and advance reviews of subsidies, funds, and tax incentives; the Financial Services Agency will also remind financial institutions to strengthen cybersecurity and identity verification.