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17

Abe’s Pension Cuts May Backfire on Japan

By Tony Seruga

Austerity policy to cut debt reduces spending by the elderly

Photographer: Yuriko Nakao/Bloomberg

More than a year after a sales-tax increase tipped Japan into a recession, efforts toclamp down on soaring pension payments are suppressing a recovery in consumer spending.

The problem highlights how difficult it has been for Prime Minister Shinzo Abe to generate a sustained economic rebound for an economy with an aging and shrinking population — amid efforts to rein in a world-record debt load…

Abe’s Pension Cuts May Backfire on Japan

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