Japan could cut its corporate tax rate as early as next fiscal year by 2 to 3 percentage points, gradually lowering the levy toward 25 percent in later years to boost the nation’s competitiveness, a tax panel member said.
A group of 146 lawmakers visited the Yasukuni Shrine in Tokyo, after China and South Korea rebuked Prime Minister Shinzo Abe for sending a traditional offering to the site that honors Japan’s war dead.
Asian stocks fell, with the regional gauge heading for its first drop in four days, led by health-care stocks and information technology shares. Several markets across the region are shut today for a holiday.
Japan’s weakest export growth in a year spurred a wider-than-forecast trade deficit in March, adding to challenges for Prime Minister Shinzo Abe in steering the economy through the aftermath of an April 1 sales-tax rise.
Australian billionaire James Packer said Melco Crown Entertainment Ltd. is looking for partners to build casinos in Japan should the country legalize gambling resorts and would consider listing the venture.