Japan’s Financial Services Agency Calls for Stronger Identity Verification
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On October 26, 2026, Finance Minister Katayama said that the Cabinet had approved policy measures including a bill to cut the consumption tax on food and beverages and provide support payments. The plan is to reduce the consumption tax rate on food and beverages to 1% starting in April of Reiwa 9, for two years, and to introduce support payments to ease the burden on employed people in advance, with full implementation starting in April of Reiwa 11. The government said it would secure funding without relying on special deficit-financing bonds, while also reviewing subsidies, funds, and tax incentives. As part of these measures, the Financial Services Agency will remind financial institutions to strengthen cybersecurity and identity verification.
AI-written from reports · updated 2 hours ago
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- 金融庁Japan Finance Minister Katayama announces policy plans including a bill to cut the consumption tax on food and beverages and support payments
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.
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