The Japanese national consumption tax rate rose from 8% to 10% on Tuesday as a way to secure a source of funding for ballooning social security costs and promote fiscal reform, marking the third increase since the levy was introduced in 1989 and the first hike since April 2014.
The increase to 10% was initially scheduled for October 2015, but Prime Minister Shinzo Abe postponed the hike twice due to concerns about the impact on the Japanese economy.
The government has prepared a series of measures to soften the blow to consumers, including the introduction of a reduced tax rate of 8% for certain goods, and of a point program for cashless payments.
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