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Updated 08:50 20/02/20

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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.

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