JAPAN

Nation Mulls Tax Hike: Japan’s new government is considering a tax hike to deal to cope with a rising budget deficit. Japan’s new prime minister, Kiichi Miyazawa, told Parliament that the government must raise revenue to deal with budgetary problems. As a result of an economic slowdown, tax income has dropped in Japan. In the first half of fiscal 1991-92, revenues from corporate tax fell 19%, and proceeds from securities tax plummeted 48% from a year ago. The Finance Ministry forecasts a revenue shortfall of $22.9 billion (3 trillion yen) for 1991-92.