Japan ruling bloc OKs tax hike plan for more defense spending

Japan's ruling parties endorsed Friday a plan to raise taxes to fund a substantial increase in defense spending but postponed deciding when to do so amid turmoil caused by Prime Minister Fumio Kishida abruptly floating the idea.The government plans to increase corporate and tobacco taxes, alongside imposing a defense tax to boost defense spending to a total of 43 trillion yen ($312 billion) over the next five years, bringing it to a level equivalent to 2 percent of annual gross domestic product.Kishida's announcement last week he would consider hiking taxes sent ripples through his Liberal …READ FULL ARTICLE