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Abe persuades ruling coalition to accept delay in tax hike

Prime Minister Shinzo Abe walks to his office on May 30.

TOKYO -- Japanese Prime Minister Shinzo Abe decided on Monday to delay a planned consumption tax hike by two and a half years until October 2019.

Abe came to the decision as both the ruling Liberal Democratic Party and its junior coalition partner, Komeito, have expressed willingness to accept the delay. The consumption tax rate is currently scheduled to be raised from 8% to 10% in April 2017.

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