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Japan to cut effective corporate tax rate - Nikkei

FXStreet (Bali) - According to the Japanese news Nikkei, the Japanese government is preparing to cut the country's effective corporate tax rate to less than 30% in fiscal 2017, which starts in April of that year, citing people familiar with the matter.

The Nikkei adds: "Japan's effective corporate tax rate, which includes national and local levies, currently averages 32.11%, high by international standards. Many experts say stiff corporate taxes hurt Japanese companies' international competitiveness."

The Japanese government has pledged to ease the fiscal burden to below 30% in the next few years, without stipulating a specific time-frame to deliver the stimulus plan just yet.

The news are, on one hand, potentially a positive input for the Japanese Yen as the need of further easing may be diminished, while on the other hand, it may be seen as a positive driver for the Nikkei 225, thus Yen negative, at least along the Asian hours.

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