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2. Japan Times - Summary and Comments.
3. When you finish, show me a picture of your screen with 90 cards, your homework from last week (if you didn't pass the test), and your Japan Times comments. If we have time, we can speak at my desk. Today's topic is Education.
4. Homework (Optional test on words 1-60 today)
Article 1
Economists and experts remain split over whether raising the consumption tax would help restore the country's battered public finances or choke future economic growth.
The ruling Democratic Party of Japan is hoping to double the 5 percent levy in 2015, in two stages. Raising the sales tax by 1 percentage point would generate an estimated ¥2.5 trillion in additional income.
Those in favor of increasing the tax point to previous cases overseas.
"Looking at increases abroad shows they don't cause substantial damage to countries' economies," Mitsumaru Kumagai, chief economist at Daiwa Institute of Research, said Thursday during a lecture in Tokyo.
According to Kumagai, a study of 67 sales tax hike cases in Europe since 1980 shows the impact on growth is "limited" and often doesn't have any economic impact.
Article 2
Finance Minister Jun Azumi said Friday he is ready to join U.S. Treasury Secretary Timothy Geithner in calling on Europe to take fresh steps to tackle its fiscal crisis at the G-20 talks next week.
"Secretary Geithner appears to be calling for various specific steps" from European policymakers, Azumi told reporters.
"I'd like to hear directly from him on what he has in mind, and if that turns out to be something we can agree upon, I will urge European (leaders) for action together with the U.S."
Geithner has said all eyes will be on Germany and other major players in the region to clarify proposals for measures, such as a European banking union, to tame the crisis.
Article 3
The Bank of Japan on Friday kept its key interest rate unchanged at between zero and 0.1 percent and said it would leave its ¥70 trillion asset-purchasing program in place. After a two-day meeting of the central bank's Policy Board, the BOJ said the vote on keeping the interest rate unchanged was unanimous.
"The bank recognizes that Japan's economy faces the critical challenge of overcoming deflation and returning to a sustainable growth path with price stability," it said in a statement echoing its previous comments on the economy.
"In global financial markets, some nervousness continues to be seen, mainly due to concerns about the European debt problem. Particular attention should therefore be given to developments in these markets for the time being."
The decision to keep the rate unchanged was likely to disappoint lawmakers who are pressuring the BOJ to do more to stimulate the world's third-largest economy.
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