The Japanese government, under Prime Minister Sanae Takaichi, has set a timetable to summarize discussions in a national conference regarding a reduction in the consumption tax on food items to zero for two years. This interim report is expected to be shaped by June, with an emphasis on supporting low- to middle-income households through the introduction of a 'tax credit with benefits'. Moreover, the government aims to present options for funding sources during these discussions. Prime Minister Takaichi has designated the consumption tax reduction as a bridging measure until the implementation of the tax credit begins.

As part of the efforts to engage a broader range of perspectives, the national conference will also invite participation from opposition parties and seek input from experts. The government appears to be trying to ensure that discussions are well-rounded and take multiple viewpoints into account. It suggests a move towards a collaborative approach in addressing economic challenges while also aiming to garner wider political support.

On June 12, Prime Minister Takaichi held talks with Finance Minister Satsuki Katayama and discussed the framework for the consumption tax reduction. Katayama later indicated to reporters that there was a general consensus on the overall picture regarding funding sources and budget formulations. This reflects a notable moment in Japan's economic policy, as it attempts to balance immediate fiscal relief measures while preparing for the longer-term structural changes that may be necessary in its tax system.