With Japan’s Prime Minister intent to control the country’s growing debts, has increased sales tax, reports say. Accordingly, sales tax is set to increase on April 1, 2014 from 5 percent to 8 percent, with two percentage points added in October 2015.

The initial sales tax increase is expected to raise $82 billion in the first year and the second increase is subject to review. The nation's debt stands at about $10 trillion, reports suggest.

In a move to also attract investment and tax breaks for corporations that hire and expand, the prime minister has laid out incentives of $61 billion so-called government stimulus package, reports suggest.