The government will implement the ruling coalition's package of emergency economic measures in April and May, the Liberal Democratic Party's policy chief said Wednesday.
Shizuka Kamei, Prime Minister Yoshiro Mori and LDP Secretary General Makoto Koga agreed on the plan in telephone conversations and also agreed to complete legislative measures for tax reform on stocks and real estate transactions by June, Kamei said.
The three coalition parties revealed the economic package Friday. It focuses on promoting stock deals and improving liquidity in the property market to lift the economy.
To attract individual investors to the stock market, the package proposes tax exemption on annual capital gains, with the upper limit set somewhere between 1 million yen and 2 million yen, and lowering the 26 percent tax rate on capital gains reported by individuals to around 20 percent.
The package calls for the promotion of real estate securitization to boost liquidity in the land market and tax breaks for individuals to encourage them to buy property.