April 15, 2019 / 1:18 AM / 2 months ago

OECD: Japan should rely on sales tax to generate extra revenue

TOKYO, April 15 (Reuters) - Japan should rely primarily on raising the sales tax to generate extra revenue, and may need to raise this tax to as high as 26 percent to achieve a large primary surplus, the Organisation for Economic Cooperation and Development (OECD) said on Monday.

The national sales tax is scheduled to rise to 10 percent in October, from 8 percent now.

The Bank of Japan should remain focused on achieving its 2 percent inflation target, but there are signs its purchases of exchange-traded funds (ETFs) are distorting the stock market, the OECD said in an economic survey of Japan. (Reporting by Stanley White Editing by Chang-Ran Kim)

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