Business leaders on Friday called on the government to promptly carry out tax reforms and take other steps to bolster economic activity after the latest key data confirmed that Japan is in a dire recession.
Takashi Imai, chairman of the Federation of Economic Organizations (Keidanren), urged the government to implement tax reforms, including a cut in the gift tax and breaks to promote research and development.
"No optimism remains as sluggishness in capital spending and personal consumption will be unavoidable for some time," Imai said.