• Nikkei is reporting that certain growth targets will not be required in order to introduce the tax
• Rumors were to the opposite
• Instead, the tax bill says the govt will (or must) pursue policies to realize 2.0% real growth between now and 2020
• If conditions worsen, the govt will consider halting the tax hike
• This solution is said to pave the way for cabinet approval
• Even though this will help with debt, it’s negative for the yen (USD/JPY positive)