Equally important, it is not clear how much of an effect a one-off rebate will have on consumption, or how quickly that effect will come through.

ECONOMIST: The economy

Analysts reckon rising social security costs will almost certainly force the government to raise Japan's consumption tax, currently 5%, leading to a one-off jump in consumer prices during the next decade.

ECONOMIST: Japanese inflation-linked bonds

So if the government enacts a once-off tax rebate, theory would lead one to expect that people would spread increased consumption over time, rather than go out and binge.

ECONOMIST: Economics focus: Remember fiscal policy? | The