Japanese PM Abe Pledges Cut In Corporate Tax Rate

Japan's Prime Minister Shinzo Abe said the government plans to lower the country's corporate tax rate, according to media reports Wednesday. The rate, which stands around 35%, will be lowered by at least 3.3 percentage points in fiscal 2016, Abe reportedly said at an event in Tokyo. "It is unclear, however, how much of this reflects legislation already passed in March," Adam Cole, head of G10 FX strategy at RBC Capital Markets, said in a note. Abe also said his government will "aim to go beyond that if possible", according to reports. Japanese stocks surged Wednesday, leaving the Nikkei Average up 7.7%, its biggest jump since October 2008.