Japan's ruling bloc formally agreed on Friday to revise the national tax code for the next fiscal year starting in April, aiming to shift household assets into investment as part of Prime Minister Fumio Kishida's "new capitalism" agenda.
The ruling Liberal Democratic Party (LDP) and its ally Komeito also endorsed an urgent plan to raise corporate, tobacco and disaster-reconstruction income taxes by 1 trillion yen ($7.3 billion) to help double the defence outlay to 2% of GDP by 2027.
