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Japan clothing giant urges tax cuts

JAPANESE billionaire clothing retailer Tadashi Yanai criticized his government's response to a recession as too tepid and called for tax cuts to spur domestic consumption.

Yanai, chief executive of Fast Retailing Co Ltd, said the government should shift Japan's economy away from reliance on exports and give incentives for domestic producers.

The billionaire said recent government cash handouts have been ineffective because recipients are saving the money.

"The current policy is very superficial. It's not a fundamental solution to revive the economy," Yanai told The Associated Press. "The government is focusing too much on the export industry. They should focus more on domestic industry to create domestic growth and demand."

Yana urged the government to slash a 5-percent consumption tax to zero for the next three years in a bid to avoid deflation.


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