JAPAN

Number of Tax Brackets to Be Reduced: The government’s tax policy panel is expected to propose a plan to reduce the number of tax brackets, raise the minimum taxable income floor and cut the personal income tax rate for those in the highest wage bracket, from the current 65% to 52%, the Nihon Keizai newspaper reported. The panel will also seek to raise the consumption tax to offset lost revenue, the report said. The panel will propose that the tax changes take effect for the fiscal year starting in April.