Japan to draw up tax reform plans in fall to boost economy: Abe

Prime Minister Shinzo Abe said Tuesday the government will draw up tax reform plans in fall as part of efforts to boost Japan's economic growth, bringing forward the schedule of the annual reforms.

"We will decide (on the reforms) in fall for this year," Abe said in a speech delivered at a World Economic Forum meeting in Tokyo, while referring to the need for tax breaks for companies to boost capital spending.

The government normally works out such reform plans in December before submitting them to the Diet. Abe's announcement apparently reflects concerns among officials that the growth strategy recently unveiled by the premier fell short of meeting the expectations of financial markets.

Abe has mentioned possibilities for easing taxes on business investment, hoping this will help encourage companies to renew their production facilities and equipment and thus underpin the country's growth.