Japanese Prime Minister Yoshihiko Noda has said that he will reshuffle his Cabinet on Monday to push for the passage of bills to raise the consumption tax, a move that has drawn stiff opposition especially from ruling party heavyweight Ichiro Ozawa.
Talking to reporters on Sunday after meeting Ozawa to persuade him to drop his opposition to the bills, Noda said they remained divided on the issue even after a second meeting in five days. He reiterated his resolve to stake his political career in getting the bills passed during the current Diet (Parliament) session.
Noda said he had told Ozawa that he would talk to Opposition parties on possible revision of the bills to win their approval in the Diet, Japanese media reported.
Ozawa told media persons after the meeting that he would oppose the bills if they were put to vote in the Diet. There are other things people want the government to do before asking them to bear a greater tax burden, he said.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.