Japan's Abe calls snap election, puts off tax hike

November 18, 2014 12:16 PM

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TOKYO (AP) — Japan's Prime Minister Shinzo Abe called a snap election for December and put off a sales tax hike planned for next year, seeking a renewed mandate for his all-or-nothing policies to end two decades of economic stagnation.

Despite those policies, the Japanese economy slipped into a recession last quarter after a sales tax increase in April crushed consumer and business spending. That forced Abe to delay the second hike planned for October next year until April 2017.

Also read: US economy expanded at weakest pace in 3 years

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