New clothes

26 April 2019 By Pete Sweeney Follow @petesweeneypro

The world’s third-largest economy will take a 10-day break as the crown prince ascends to the Chrysanthemum Throne. Travel agents and malls hope for a spending spike, but this nation of workaholics may disappoint. If they do, that may delay a much-needed consumption tax hike.

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Japanese workers will enjoy an extended 10-day public holiday to celebrate a new sovereign, after the abdication of Emperor Akihito on April 30. The nationwide break begins on April 27 and lasts through May 6, Reuters reported.

Akihito, who will been on the throne 31 years, will be replaced by his son, Crown Prince Naruhito.

A survey in the Asahi Shimbun newspaper showed 45 percent of Japanese respondents "felt unhappy" about the vacation. Only 35 percent were “happy”.

Government officials said on April 19 they would stick to a planned sales tax hike, due in October barring a big economic shock, following public speculation it might be delayed once again.

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