Japan's Takaichi vows to scrap sales tax on food sales

TOKYO, Jan 19 (Reuters) - Japanese Prime Minister Sanae Takaichi said on Monday her administration will scrap an 8% levy on food sales for two years to help households weather the pain from rising living costs.

"We will overhaul past economic and fiscal policy. My administration will put to end an excessively tight fiscal policy and a lack of investment for the future," she told a news conference.

Japan levies an 8% consumption tax on food and a 10% rate on other goods and services, key sources of funding for rising social welfare costs among a rapidly ageing population.