Japan PM Sanae Takaichi plans to cut food and beverage consumption tax to 1% from next April

Japan Prime Minister Sanae Takaichi said the government will temporarily cut the consumption tax on food and beverages from 8% to 1% for two years starting next April. The move would reduce annual revenue by about ¥5 trillion ($30.6 billion). To keep its pledge of a net-zero overall consumption tax reduction, the government plans a benefits program that would provide ¥600 billion a year to families in need.