The Fasteners Institute of Japan Joined a Joint Petition Against Japan's Global Warming Resolution Tax

The Fasteners Institute of Japan (FIJ) has signed a joint petition against global warming resolution tax. The joint statement explains the reasons as follows:

Under Prime Minister Abe's regime, the Japanese industries expect economic recovery and increased equipment investment, and therefore it has become essential to further improve the business environment. However, the big earthquake in Eastern Japan led to increased import of fossil fuel, and the yens adjusted downwards led to skyrocketing energy cost and pushed electricity bills up by 40%, impacting the industry's business. Now high-electricity-consuming industries are either reteating, shutting down, or moving abroad. Given this circumstance, with regard to the government's discussion on new environmental tax raise scheduled for April of 2016 (as stated in the global warming resolution tax), the industries strongly ask the government to think thoroughly. The burden from the new tax rate not only diminishes the drive for equipment investment, but also decreases companies' international competitiveness, making their presence in Japan more difficult.

Up to November 6, as many as 163 associations including FIJ, The Society of Japanese Aerospace Companies, and Japan Auto Parts Industries Association, have signed the joint petition.