Treasury Secretary Robert E. Rubin praised Tokyo yesterday for its dramatic $15 billion cut in income taxes, saying Japan's economic health is vital to stemming Asia's financial crisis before it spreads to the United States.
"A strong economic recovery in Japan, led by domestic demand, is important for both our countries, for Asia, and for the world economy," Mr. Rubin said in a statement yesterday.
The income tax cut, coming on the heels of a $6.54 billion corporate tax cut, drove the yen and Tokyo stocks up and drew praise from the International Monetary Fund.
The IMF has committed more than $35 billion to prop up Korea, Indonesia and Thailand since the crisis began in July. To replenish the fund and prepare for worse crises, the IMF is …