According to the news of the New China Overseas Chinese News Network on August 10th, on August 10th, after the passage of the House of Representatives, the relevant tax increase tax bill was passed by the Japanese Senate with 188 votes in favor and passed into force. Japan’s current 5% consumption tax rate will be raised to 8% and 10% in April 2014 and October 2015, respectively. In a press conference held on the evening of August 10, Japanese Prime Minister Noda Yoshihiko violated the Democratic Party's campaign convention by increasing taxes, officially apologized to the people, and promised that the tax increase will be paid back to the people in the form of social security fees. Analysts said that after the entry into force of the bill, small and medium-sized enterprises that employ most of the labor force and support the Japanese manufacturing industry will be devastated and will be closed down in large numbers.
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