Reuters: US Dollar Report: Japan MOF official: shouldn't wait for economic pickup to raise tax

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Japan MOF official: shouldn't wait for economic pickup to raise tax Dec 3rd 2012, 02:44 TOKYO | Sun Dec 2, 2012 9:44pm EST TOKYO Dec 3 (Reuters) - Japan's top currency official said on Monday it would not be a very sound policy to wait for the economy to pick up in raising tax and pursuing fiscal consolidation, given what had happened in European countries like Greece. "Once interest rates start increasing, it will have a very damaging impact on the economy and on (Japan's) fiscal situation," Takehiro Nakao, vice finance minister for international affairs, told a seminar.

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