Japanese investors look to gold as tax rise looms
Adam Pike, News Editor
27 Mar 2014, 10:57 a.m.
Gold demand in Japan has been given a major boost as investors try to complete purchases prior to the Japanese consumption tax increasing from 5% to 8%. Unlike in the UK, Japan charges a consumption tax on all gold purchases and this is the first time in 17 years that the tax has been increased.
Last Thursday, customers in Tokyo reportedly queued for 3 hours to ensure they could make their purchases. Tanaka Kikinzoku Jewellery, who runs seven stores, has seen its sales of gold ingots increase by 530% so far this month.