Prime Minister Junichiro Koizumi on Tuesday ordered his key policy-setting panel to draw up a draft bill featuring tax cuts worth more than 1 trillion yen and future tax hikes aimed at offsetting revenue shortfalls.
Koizumi issued the order at a meeting of the Council on Economic and Fiscal Policy, according to Heizo Takenaka, state minister in charge of economic and fiscal policy.
The 11-member panel, which Koizumi chairs, includes economics ministers and members of the private sector.
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