Japan should raise the consumption tax to more than 10%.

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      Reuters survey shows that most analysts believe that Japan should raise the consumption tax above 10% to cope with the increase in social welfare expenditure as the population declines and aging. Some analysts suggest that the consumption tax should exceed 20%.
Most analysts also said that the government planned to allow more foreign workers to enter Japan to alleviate the domestic labor shortage, which would benefit the domestic economy because it would fill the labor gap.
Because of the declining birth rate and one of the longest life expectancy countries in the world, Japan has about 28% of the elderly aged 65 and over. By 2040, the proportion will rise to more than 35%, putting pressure on the country's social security and health insurance system.
To provide financial support for rising spending, the Japanese Prime Minister Shinzo Abe's government plans to raise the consumption tax from 8% to 10% in October, unless there is an economic shock.
This is risky because the last time the excise tax was raised in 2014, the Japanese economy suffered, but many analysts say it is not enough to raise it to 10%.
"In order to continue to restore fiscal health, further increases in consumption tax are inevitable in the future," said Harumi Taguchi, an analyst at IHS Markit.
"But it also calls for reforms in social security and cuts in other government spending."


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