However, what most arrested my attention is the countermeasure for minimizing the shrinkage of consumer sentiment by Japanese government and corporations. Prime Minister Shinzo Abe, who is currently leading Japanese economic renewal has demanded that each Japanese corporation is to wage an increase to improve consumer sentiment. Japanese corporations also are announcing various countermeasures to promote consumption by taking further action in marking down prices of products. Moreover, they are leading to free-for-all with further reduction in price of goods. For example, Sukiya, which is famous for Gyudon(a bowl of rice topped with beef) cut down its Gyudon price than existing prices. McDonald also brought down its price of hamburger which has been sold for 120 Yen to 100 Yen. MUJI which is mainly selling household items is taking a strategy for lowering actual price with maintaining its sale prices.
In Korea, many experts tend to focus on onlythe situation of how Japanese government is going to be whether success or fail after raise of consumption tax. However, we have to pay more attention to the steps for minimizing the price shock by tax increase in Japanese society because there has been constant rise in prices in economic depression in Korea. Constant rise in prices in Korea has been deteriorating the quality of life of Korean people.Every time import prices go up, Korean government increases public utility fees and Corporations also increase their price of product. Through the examples of policy in Japan, Korean government and Corporation must take into account how they can share the burden to improve quality of life of Korean people.