There is never a good time for self-inflicted economic wounds. But the results of one Japan administered to itself 10 days ago are already in -- and they should worry global markets.
On October 1, Prime Minister Shinzo Abe's government tried to prove its mettle by raising sales taxes from 8% to 10%. Many worried the boost would hit spending, just as the boost from 5% to 8% did in 2014. The last thing an economy still grappling with deflationary forces needs is tighter fiscal policy during a global trade war.
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