must take steps if slump from tax hike spreads more broadly to economy; Eamonn reported his earlier comments here; More deets now from the presser; ready to modify BOJ policy if upside/downside risks materialize; sales tax hike may spur consumption if it heightens public confidence on Japan’s fiscal outlook; if govt decides not to raise sales tax it must come up with alternative steps to restore fiscal health; negative effect of Fed tapering on emerging markets likely to be contained; emerging nations are better prepared against fund outflows than during Asian financial crisis; emgerging nations will eventually ... (full story)